NEW YORK (TheGoldAndOilGuy.com) -- A couple weeks ago I posted these same charts talking about the pending breakout (in either direction) with silver, gold and mining stocks.Fast forwarding to this week, it's clear this sector continues its struggle to rally. Key support levels are now being tested. If these levels fail, prepare for a sharp correction with mining stocks showing the most downside potential of roughly 25% for the Market Vectors Gold Miners ETF ( GDX) trading fund. Let's take a quick look at what is going on. Gold Trading Chart: The chart of gold shows price being wedge into the apex of the down sloping resistance trend line and the rising support trendline. Gold was trading below this level but has since bounced. But if gold closes the week below this line in the sand the price could start to fall quickly and test the $1,200 per ounce within a week or two.