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Jeff Cooper: Junior Gold Miners Look Bearish Short Term


The junior gold miners ETF has reversed after opening higher this morning.

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The Market Vectors Junior Gold Miners ETF (NYSEARCA:GDXJ) 10-minute chart below shows how on Wednesday (July 2), the GDXJ plunged on the run-off followed by an opening spike low on Thursday (July 3) setting up an upside reversal.
Click to enlarge

GDXJ exploded on the run-off Thursday after offsetting the gap open; however, it looks like GDXJ is showing a third misdirection run-off as it is giving back all the late gains from Thursday.

With two large-range outside up days last week suggesting a breakout from what looks like a Bull Flag, it will be interesting to see if GDXJ turns around from a down open again this morning or whether a short-term bearish Reversal of a Reversal plays out.

Below, see a daily GDXJ chart.
Click to enlarge

Twitter: @JeffCooperLive
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