The 123,50 rally target is equivalent to the midpoint Hidden Pivot resistances I’ve spotlighted in the gold and silver touts above. That means buyers are likely to push above ‘d’ if corresponding prices in the futures contracts are exceeded. Such a demonstration would be even more conclusive and would affirm strength in physical if GDXJ goes on to exceed mid-April’s 136.55 peak without a visibly significant pullback in the interim. In the meantime, a correction to p=106.67, however unlikely, can be bought with a stop-loss at 101.06.
GDXJ – Junior Gold Miner ETF (Last:118.09)