For two years GDXJ has failed to make new yearly highs. 2023 should be its year.
The good news is all the accumulation over a 6 year period (2014 - 2020) has not been divested, we know this as the volume over 2021/22 is very light and no new yearly lows have been made. This is basic Wyckoff accumulation logic and the chart below shows this well. The point is GDXJ investors are holding and waiting for new yearly highs.
GDXJ will require gold, silver and stocks to do well for gains in 2023. Or more simply the US dollar will have to be weaker through out 2023.
Retail investors should place GDXJ on their watch list, and wait for daily and weekly price action to show the market whales are moving price higher to new ground. In other worlds a Wyckoff sign of strength.
Watching and waiting ..
Yamana Gold is a large market cap stock within the GDXJ ETF.
Yamana Gold Inc is a gold and silver producer that is headquartered in Toronto, Canada. The firm has operations in Canada, Brazil, Chile, and Argentina. Its shares are also traded on the New York Stock Exchange (NYSE).
Yamana Gold Inc. mineral resources as of 2021 stand at 176 million tonnes. Out of these, the Jeronimo resources constitute the largest chunk, as they stand at 95 million tonnes. The firm's mineral reserves of gold are 388 million tonnes, and its proven and probable gold reserves are 758 million tonnes.
Via Yahoo.com
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