The Market Vectors Gold Miners ETF (NYSE: GDX) is showing some resilience on Thursday, bouncing back 1.8 percent after a disastrous four days of trading. However, a look at the ETF’s chart reveals that the technical damage may already have been done for one of the strongest-performing ETFs in the market this year.

Wednesday’s big 7 percent drop in the GDX market the ETF’s fourth consecutive decline and its seventh daily decline in the last eight sessions. From a technical standpoint, the GDX closed significantly below its 50-day simple moving average (SMA) for the first time since January.

Despite the rebound on Thursday, the GDX remains below its 50-day SMA. In addition, GDX dipped below $27, taking out the $27.44 support level that held in July after making a series of higher lows throughout the first half of the year.

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It’s understandable that the GDX may be pulling back or at least taking a breather to consolidate after its spectacular first half of the year. Even after the recent pull-back, the GDX remains up an incredible 100.7 percent in 2016.

On the other hand, levered gold short ETF Direxion Shares Exchange Traded Fund Trust (NYSE: DUST) has plummeted 95.9 percent in 2016.

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