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Gold Is in Gear

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On January 9, we followed up on our projection for GDXJ to reach 39.50 to 40.

This represents a 180 degree price advance from the 27/28 low on December 20.

That low was a time/price square-out because 28 is 90 degrees square December 20.

This morning, GDXJ is setting a new 12 week high.

It is going to be important to observe the behavior here as the 40 strike also ties to the overhead 200 day moving average.

Likewise, as offered Tuesday in the Daily Market Report, leading miner AEM has three tails at its 200 day line.

Trade with authority above its 200 day suggests an impulse and extension in the miners, and GDXJ is on the table.

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