GDXJ Gold Junior Miners Daily Chart

GDXJ juniors have not been able to make new highs even though gold price has. GDXJ rolled over to start the year but once the Middle East turmoil hit, price moved up. GDXJ was a big momo play in the Fall as many chased it because of the takeover potential for many of the juniors, so the price was elevated going into 2011.

Recent price move higher is not inspiring since indicators show no real enthusiasm behind the move. Rising wedges are in place so this level woould be a candidate for a pull back. This price level would place a right shoulder for an H&S shown by the blue lines, the red lines H&S can still be considered in play as well so any breach of the neck lines at 33-34 and the GDXJ would be in big trouble. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your finanical advisor before making any investment decision.