Chart of the Day - Monday, June 1st, 2020
June 1, 2020
Today’s Chart of the Day was shared on Twitter by Chris Kimble (@KimbleCharting). It's a weekly bar chart of the Junior Gold Miner ETF, $GDXJ, going back to 2012. Over the past couple of months, we've witnessed clean breakouts from the Gold Miners ETF, $GDX, and the Silver Miners ETF, $SIL. Chris points out that the Junior Gold Miners are attempting to make a fashionably late appearance to the party. Similarly to how $GDX and $SIL looked before they broke out, $GDXJ has formed a seven-year base, with a well-defined resistance level around $51. If $GDXJ can finally break out of this massive base, it would demonstrate risk-appetite, and provide further evidence that Precious Metals are in a bull market.