Did We Just See the Low in Gold?


The idea of a low in gold, which I discussed yesterday, is playing out nicely.

Indeed yesterday's upside reversal in GDXJ on the 10 min was a fractal of the January pattern on the dailies which saw the start of the miners meteoric rise.

GDXJ is following through this morning knifing up through the 45/45.50 level which is 90 degrees down from the 52.50 high.

If GDXJ can hold above 45/45.50 ish it is constructive.

Be that as it may I suspect a W Bottom may be on the table for GDXJ with a test/undercut of the lows possible.