I’ve put aside Hidden Pivots to consider the simple picture afforded by connecting up the last two important highs on GDXJ’s daily chart.  They yield a rally projection to 51.19 as the week begins, but you should factor an additional 0.05 per day (or 0.25 per week) to account for the trendline’s rising slope.  That would imply resistance at around 51.44 come Friday. Achieving this height should pose no problem, since gold itself is in a strong uptrend with a target about 7% above current levels. If a commensurate rally were to occur in this vehicle, it would imply upside to 52.40.  Can GDXJ catch up with physical? It is bound to happen eventually, presumably when speculative juices are flowing more copiously.