Last week’s low narrowly missed the mid-August double bottom near 115. That would have generated a strong impulse leg and, in turn, a more restrained outlook herein for bullion prices. So, what’s next? Most immediately, hidden resistance sits at 126.48 from a reverse pattern on the daily chart (a=122.00 on 9/1). If it breaks easily, that will bode well for a test of September 3’s 132.63 peak, and then another from Aug 25 at 136.25, which is more crucial.
$GDXJ – Junior Gold Miner ETF (Last:124.44)