Lining Up the Next Shot

After a few big wins to kick off 2015 in the precious metals and miners' complex, I am back to flat and have been for a few days now as the space consolidates. In terms of another potential round of trades on the long side, I have my eye on the junior gold miners, seen on the GDXJ ETF's hourly chart, below. Note the well-defined support trendline (light blue), dating back to Christmas. It appears that today's selling may have breached the support to the downside. However, if bulls can step in and buy up the juniors this afternoon I may take a shot via JNUG that the trend (meaning the uptrend on this timeframe, as defined by the series of higher lows and higher highs since Christmas) is holding true. If not, we may very well need to wait until next week to see if the complex is setting up for another push higher. Overall, I remain impressed with the action in the precious metals themselves (GLD SLV), considering the freight train move higher in the U.S. Dollar.