$GDXJ – Junior Gold Miner ETF (Last:104.78)

GDXJ has lost a third of its value in just three weeks, exacting a brutal toll on mining-share investors that will test their faith to the utmost.  It would take a rally of at least 7.65 points from any low to trigger a buy signal on the hourly chart (a=  126.88 on 2/17). Using the 102.88 low from Friday would imply a print at 110.53 is necessary to jump-start bulls.  Thereupon, GDXJ would be presumed bound for at least p=118.19, or to 133.49 under the most bullish circumstances. This is similar to the best-case scenario I’ve detailed in my touts for Comex Gold and Silver, but it is hardly a good bet.

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