Gold Miners ETF (GDX)

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NY Gold Nearest Futures - Turning Back UP »» Daily Summary Analysis
By: Marty Armstrong | September 19, 2020

NY Gold Nearest Futures closed today at 196210 and is trading up about 28% for the year from last year's settlement of 152310. At present, this market has been rising for 9 months going into September suggesting that this has been a bull market trend on the monthly time level which has been confirmed by electing all of our model's long-term Bullish Reversals from the key low.

The NY Gold Nearest Futures has continued to make new historical highs over the course of the rally from 2015 moving into 2020. We have elected three Bullish Reversals to date.

This market is still what we classify as a Bull Market given its strong posture above our Monthly to Yearly indicating models while the Weekly is still positive but showing signs of overhead resistance.

The perspective using the indicating ranges on the Daily level in the NY Gold Nearest Futures, this market remains moderately bearish position at this time with the overhead resistance beginning at 196340 and support forming below at 195560. The market is trading closer to the resistance level at this time. An opening above this level in the next session will imply a bounce is unfolding.

On the weekly level, the last important high was established the week of August 3rd at 207800, which was up 15 weeks from the low made back during the week of April 20th. We have been generally trading up for the past week from the low of the week of September 7th, which has been a move of .0365%.

Interestingly, the NY Gold Nearest Futures has been in a bullish phase for the past 15 months since the low established back in May 2019.

Critical support still underlies this market at 167590 and a break of that level on a monthly closing basis would warn that a sustainable decline ahead becomes possible. Immediately, the market is trading within last month's trading range in a neutral position.

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