The daily chart yields a mixed picture, the same as the one in COMEX gold. My bias is slightly more bullish for the ETF, though, since the moderate rally that began the week exceeded an ‘external’ peak that was absent from bullion’s graph. This created a bullish impulse leg with potential to lift this vehicle as high 38.28 within the next 2–3 weeks. Friday’s pullback to the green line (x=34.30) generated a weak ‘mechanical’ buying signal, but we’ll ignore it until we’ve seen a few more daily price bars. ______ UPDATE (Aug 28, 6:29 p.m.): Today’s robust rally closed just a micron above p=35.63, a compelling Hidden Pivot midpoint, but that’s sufficient to tip the short-term outlook bullish. A sharp stab higher or a close above p for a second straight day would make more upside to D=38.28 a strong bet.
GDXJ – Junior Gold Miner ETF (Last:35.67)
