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It has been a disappointing week for the Market Vectors Gold Miners (ETF) ($GDX). As sentiment continues to weigh against gold, GDX is headed for more than 6% loss for the week.

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As I noted earlier, it is the right time to take profit on GDX. While gold cannot be completely written off, given that physical demand could pick up, the near-term outlook is uncertain because of the Federal Reserve. If next week’s jobs report disappoints then the position on gold could change.