Not only is the VanEck Junior Gold Miners ETF (NYSE:GDXJ) up by mere 0.22%, it’s also the case that it moved lower since its open, creating a black reversal candlestick. You know, the one that we saw twice at the April highs and then at the mid-June top.

GDXJ’s weakness here is truly remarkable.

That serves as a short-term bearish indication, but we’ve been getting medium-term ones from gold for weeks (Ryan Mitchell also agreed with the bearish setup for gold).

Gold’s Shrug at Chaos

Gold failed to rally despite new short-term lows in the USD Index, despite the Iran-Israel conflict, and despite multiple other chaotic things that happened. The Peak Chaos theory remains intact.

And you know what else remains intact?

The very bearish outlook for copper. I was reviewing the charts once again, and I realized something about the analogies that we have now (i.a. to 2008 and 2011).