Gold Shares Will Test Patience

The gold miners index, better known as the test your patience index, has completed two taps of the December 2009 high. The tapping process is the market's way of building the energy necessary for a clean break through resistance (or support). The colored bands below price represent heavy volume support gaps that will likely catch the reaction from the second tap. The gold market, a bit more advanced in its setup, looks very similar.

Gold Miners Index ETF (GDX):