GDXJ Volume — WOW

Record up volume on GDXJ today.  Close right at the highs of the day.  Super bullish action.  Gold is now back into that coil that it broke down from, with a very important test of $1280 coming up.  If it can break $1280 then look out for a failed move turned fast move higher.

Quick comment on platinum and palladium:  the strike resolution in South Africa eradicated some speculative longs.  I wouldn’t be surprised if there were some long palladium or platinum, and short gold or silver trades that were hurt badly today and closed out.  That being said let’s see how they trade tomorrow, the overall patterns still look good for platinum and palladium.

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