Lots of positives aligning for gold. Hopefully the fed doesn’t derail this.

First GDX has survived this test (so far) and GDXJ speaks for itself:

Usd/jpy looks like a falling wedge so much more downside potentially ahead:

Lastly gold is in a perfect upchannel and tested it’s 200ma. We could still see one more low but I believe the low in gdxj is in even if gold and gdx need more downside:

I am hoping my JNUG position is a longer term hold here.