The highly liquid gold miners ETF (GDX) is at a crucial juncture ahead of tomorrow's widely anticipated FOMC announcement and press conference:

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GDX_Daily_6.18.2013

A near perfect inverse head & shoulders bottom has formed, however, this chart pattern is nothing more than a possibility until price has broken above the 'neckline' (roughly $31.00). The bullish momentum divergence (RSI) and light volume on the recent decline add to the bullish potential of this setup but it remains to be seen whether the bearish price action will halt and a bullish catalyst will emerge. Could the Federal Reserve turn out to be necessary ingredient?