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The Junior Gold Miners ETF (GDXJ), fell to lows near $43.06 recently, which matched the low from the end of March 2021, near $43.24. Although these lows are not exactly the same, the span of time between these unique lows and the very close nature of them makes them a Double Bottom setup.
It is very likely that this support level will prompt a new upside price rally in Junior Miners targeting $50 to $52 or higher if the support level near $43 continues to hold.
GDXJ MAY BE STARTING A RALLY TO $55 OR HIGHER
This could be a very exciting rally for Junior Miners and Precious Metals. After nearly a year of metals and miners drifting lower and sideways, this Double Bottom pattern may prompt a fairly strong rally leading both Precious Metals and Miners up the next rally phase high.
This GDXJ Weekly chart shows the Double Bottom near $43 and shows an early rally phase that may have already started in GDXJ. If price rallies above $47.50 on strong upward momentum, it will likely attempt to rally above $55 and retest the recent highs from May 2021.Chris Vermeulen
Chief Market Strategist
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