The junior gold miners ETF is close to a resistance area which is the last obstacle on the way to an important target at 24.90. The resistance consists of the ‘B’ point of our pattern and the pattern’s midpoint, which stand at 22.37 and 22.63, respectively. Above there, however, it looks like clear sailing to the ‘D’ target of 24.90. The mining shares worked hard during May, June, and July to establish a major low, one which many bulls had simply not foreseen after bullion prices moved up to much higher levels. If GDXJ can get to 22.70 or higher, we’ll have one more signal that the low of 2012 is a done deal. (Posted by Doug “harry” McLagan)
