A spirited push higher on Friday easily exceeded the 39.52 target we’ve been using, setting GDXJ up for a crucial test that would be strongly impulsive if it can get past the two peaks shown (inset) without pausing for breath. The higher of them lies at 42.19, and a two-day close above it would all but ensure further progress to at least p=49.02. Because gold is in a bull market, it is appropriate at this time to show what’s possible over the long term — in this case an ambitious target at 72.23 that has never been aired here before. For the time being, though, we’ll use p=49.02 as a minimum upside projection, with an eye toward low-risk ‘mechanical’ entries to augment long positions on the way up. _______ UPDATE (Apr 5, 9:56 p.m. EDT): Today’s bull-trap thrust to 42.05 got within 0.3% of the target, so it should be considered fulfilled. If GDXJ surprises with a second-wind lunge above the high within the next 2-3 days, that would be quite bullish.