Gold Miners: Hold!

Much like the famous "Hold!" scene from Braveheart (1995), above, the junior gold miners housed in the GDXJ are attempting to stand their ground in the heat of battle at the ETF's 200-day simple moving average. 

On the GDXJ daily chart, below, note the juniors reversing up nicely today after what could have been some ugly follow-through lower to yesterday's selling in the face of a U.S. Dollar bounce. If that yellow line on my chart can hold as support into next week, it keeps this consolidation remarkably shallow for such a high beta asset class and sets the stage for further upside. A few individual miners like AGI an IAG come to mind as worth stalking next week into strength off this ETF. 

Of course, back below the 200-day can lead to some fast selling. But unlike, say, falling knives such as TWTR at least here we have a well-defined setup and can trade against some lines in the sand.

More in my usual Midday Video for Members.