Although touts for bullion vehicles listed just above are bullish, GDXJ’s weekly chart gives us reason for caution. Notice how the recent high at 39.47 failed to surpass the ‘external’ peak at 39.70 recorded in July. This display of timidity, which narrowly failed to generate a fresh impulse leg, is not necessarily the kiss of death, but neither is it very encouraging. It would be remedied by a robust blast above 39.47 this week, but until such time as that happens, I’ll keep the yellow flag unfurled. Am unqualified success would portend more upside to 41.81.
GDXJ – Junior Gold Miner ETF (Last:37.55)