(NYSEARCA:GDXJ), the junior gold miners ETF fund by Market Vectors, was up another 5.43% on Friday, putting the ETF at its highest level since April. Into the recent correction, I had my eyes on this ETF, as it continued to rise, despite weakness in the broad market. Since the market rebounded off its August 21th low, gold stocks have gained further positive momentum.
Now, what I can see in the major gold mining ETFs appears to be the completion of at least an intermediate term bottom. Currently, my target on GDXJ is $70, which is just under 40% above its most recent close. That still suggests that the amount of risk relative to potential reward in this trade is favorable. To see the analysis of this gold ETF and strategies you can implement to profit from a continued rise, click here! Remember to make sure to watch the video at the highest resolution option!