This is a chart of the GDXJ, the junior gold miners ETF. It has traded like death warmed over since early 2011. But it has been trying to carve out an inverse head-and-shoulders pattern over the past year and a half — and it’s on the verge of breaking above a key zone of overhead resistance.
Moreover, it has already broken above the downtrend line that dates from the 2011 high.
If we can get some more upside momentum and pricing here, it would be yet another budding buy signal for the metal and the miners — and certainly worth talking about given our focus on gold these days.
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