I’ve reproduced a chart that shows why this vehicle will need to rally more sharply than Gold futures in order to turn the daily chart bullish. The key external peak that bulls need to surpass lies at 372.02, and the move would of course need to be unpaused once it has exceeded internal peak #1 at 359.77. This seems a bit of a stretch, but as long as physical looks poised for a breakout, we should be prepared to give mining shares the benefit of the doubt.
