I’ve lowered the target somewhat to 81.94 by switching from the daily chart to the hourly. The picture is just as dismal, however, and although GDXJ has shown more pluck than bullion futures, it is not immune to gravity. Since we should always allow for another possibility, let’s stipulate that a rally exceeding the 120.05 peak recorded on May 29 would signal a bull resurgence. Given GDXJ’s strength relative to gold itself, it would be unsurprising for it to lead the way.
GDXJ – Junior Gold Miner ETF (Last:107.22)