GDXJ turned south well shy of the 45.57 rally target we’ve been using for the last few weeks. If Comex Gold and Silver futures had not made what appear to be intermediate-term tops at the same time, I’d be more confident about GDXJ fulfilling its price objective. Its rally has been even steeper than gold’s, but perhaps that means it will lead the way higher once this correction in bullion has run its course. A drop to the red line would signal a ‘mechanical’ buying opportunity, but a death dive to x=35.39, however scary, would be even more enticing as a place to reload.
GDXJ – Junior Gold Miner ETF (Last:42.39)