Sellers pummeled GDXJ down to the 95.07 secondary pivot for the second time in two weeks, but I wouldn’t get my hopes too high that it will survive another test. Even so, this proxy for gold exploration companies looks primed to continue up to at least 107.00, the midpoint Hidden Pivot resistance of a small pattern begun from 94.33 on June 10, or even to 118.93 if the bounce gets legs. But if and when it sputters out, the next leg down could reach 81.94, the worst-case target for the pattern shown.
GDXJ – Junior Gold Miner ETF (Last:100.29)