The may indicate that some dramatic downside is very possible, I just hope that it's in late summer after some profit-taking. Reasons for hope here:
1] a breakdown from this channel is giving me hope, as sentiment is outstripping gold price performance.
2] it seems to coincide with deep retrace and ultimately a break below the 100Mo MA, the 30Wk Ma, and 30D Ma are firmly below. (Looking for the 30D to cross below 30Wk for TURBO BEAR)
3] downward cloud pressure is huge and respected at this time
See my previous post on GDX / Gold for another view at this pivotal time