Gold Miners ETF (GDX)

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Gold for the Close of the Week of June 22, 2018
By: Marty Armstrong | June 22, 2018

Gold continues to languish and its greatest battle is with the dollar. Even a trade war means that the dollar rises for it will be far worse on everyone one else. That said, we still lack the general public collapse in confidence and until that takes place, gold remains vulnerable to the downside even going into 2021. Nevertheless, at the time of this post gold is trading at 1269 and we have a Weekly Bearish Reversal to watch at 1277. We also have a Minor Monthly Bearish at 1262.40 which comes into focus next week. The Major Monthly Bearish lies at 1214. Take that one out and we open the door to new lows with a strong dollar. Technically, critical support lies at 1257. If this gives way, then expect some panic selling.

The key week ahead is that of 07/02 and ideally we should see an opposite trend for two weeks thereafter into the week of 07/16, which appears to be lining up around the world in many markets. We see volatility rising the week of 07/16 going into August. The way this is showing up around the world, we could see some political influence at that time.

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