Gold Miners ETF (GDX)

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• • • Gold for Nov 8th, 2019
By: Marty Armstrong | November 8, 2019

Next week, we have a Panic Cycle and a Directional Change in Gold. The primary weekly support remains at the 1400 level and a weekly close below that will signal an important break in gold which would also imply that we are looking at a major dollar rally inspired by political and economic chaos externally to the United States. The next important weekly turning point will be the week of 12/02.

A closing today ABOVE 1465 will keep gold neutral for right now. We need a close below 1465 to hint that we may see further weakness ahead.

Keep in mind that gold is not yet ready for prime time. Caution is advisable for the typical sales pitch is dominant that the dollar will crumble, stocks will implode, and the only thing to survive will be gold. That same sales pitch has been made since the 1970s. Gold will rally on a sustainable basis, but we need the crack in confidence of the GENERAL POPULATION. We can already see the collapse in civil-politics. There is no more functioning government. All we have now is obstruction. There is no going back.

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