This tracking vehicle for junior gold miners handled a clear Hidden Pivot resistance with such easy aplomb today that I’ve hauled out a long-term chart for the first time in a long while. GDXJ has yet to hit the green line at 34.82 that would put the 61.54 target in play theoretically, but perhaps it’s time to go out on a limb and assume that this will soon occur. That would make the 43.73 ‘midpoint pivot’ our minimum objective while bolstering the case that gold stocks are finally getting off the launching pad after languishing for most of the last eight years . Actually, they did so in 2016 with an impulsive rally that while strong, left something to be desired. Specifically, the thrust failed to surpass a key ‘external’ peak at 54.56 recorded on the way down in 2013. No matter. We’ll give the good guys and the very patient the benefit of the doubt here, especially since stocks may have entered a bear market, signaling a major tone change in the realm of investable assets. _______ UPDATE (Feb 21, 1:31 p.m.): A thrust to 35.04 has tripped the theoretical ‘buy’ signal noted above, warranting a moderate increase in our already-bullish trading bias.
