Wednesday, September 18, 2013

Checking in on the GDXJ

Its definitely going back down towards its support zone. Given, it didn't require any excellent foresight to guess that it was going down, but still. I do think that this level is of decent, albeit not grand, strength but we shall see. Like I said in my last post on this topic, I think its good for another bounce. Gold seems to be fighting the $1300 level over the last couple of days and the GDXJ is falling towards the line fairly quickly.

After that though, I won't be holding out for a whole lot. The next support for gold is down at $1250 and it doesn't appear to me as a particularly strong one.

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