Chart 1: GDX & GDXJ Weekly Candles
Take a careful look at the price action over the past five weeks. In four of the past five weeks GDX and GDXJ closed at the highs of the week after initially testing lower levels.
GDX was testing the $26s but closed at $27 or higher in four of the past five weeks. GDXJ was testing $36 and $37 but closed much higher in three of the past five weeks. In fact, GDXJ started to pull away from tests this past week. It has started to outperform GDX.
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