Gold Miners ETF (GDX)

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Barrick Gold Update
By: Marty Armstrong | August 19, 2020

A lot of people have asked about Buffet's purchase of Barrick. He is about 6 months too late. Nevertheless, we have reached the first critical level of 29.40 and at this stage, we MUST see August close above that to imply this market can move through a cycle inversion. The major resistance starts at 33.40.

We can see from the Array that August remains at the target and we see choppiness it looks into February with volatility rising from November onward. It certainly appears that the elections will have an important impact on markets around the globe. The mail-in ballots are more likely to create a huge question over the presidency  and we may not know who even wins until December if not into January.

When we turn to the Yearly level we see Directional Changes here in 2020 and 2021 with 2020 as a turning point followed by 2023. Volatility will rise in 2021 into 2023. Every market is so diverse and very specific, it would be a mistake to take one forecast from even gold and try to apply it to any individual stock. Gold and gold stocks do not bottom and peak at the same time.

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