Like other bullion charts at the moment, GDXJ’s is too murky for a clear call. However, I’ll give bulls the benefit of the doubt, just as I’ve done in gold and silver futures, with a pattern that projects to 136.74 over the near term. A ‘buy’ signal triggered last week at the green line (x=121.07), and although Friday’s settlement was slightly in-the-black, the burden of proof remains on bulls. They’ll need to push above p=126.30 in the days ahead to breathe life back into the promising move off mid-July’s 89.83 low.
$GDXJ – Junior Gold Miner ETF (Last:121.11)