Gold Miners ETF (GDX)

[DiscoverGold]

Gold & 1362.50
By: Martin Armstrong | September 15, 2017

Gold rallied and stopped at 1362.40 just 10 cents from our number we have highlight for more than a year -1362.50. This demonstrates just how precise the market is despite all the cheering, yelling, and nonsense scenarios.

So far everything has worked out fairly on target. As we can see, a September high can imply now a 3 month correction/consolidation. This has been the second test of 1362.50 so the third test can be the final breakout, but often it waits for the 4th test.

A closing back below 1257.60 on a weekly basis will signal a very sharp correct is at hand. Keep in mind that absolute critical support now comes into play at the 1307 level. A closing beneath that level at year-end will warn we still will retest support in 2018.

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