Gold Miners ETF (GDX)

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NY Gold Nearest Futures - Knee Jerk Low »» Weekly Summary Analysis
By: Marty Armstrong | February 13, 2021

The NY Gold Nearest Futures closing today at 182320 is immediately trading down about 3.79% for the year from last year's settlement of 189510. At the moment, this market has been rising for 2 months going into February reflecting that this has been only still a bullish reactionary trend. As we stand right now, this market has made a new low breaking beneath the previous month's low reaching thus far 178460 yet it is trading below last month's close of 185030.

Up to now, we still have only a 2 month reaction rally from the low established during November 2020. We must exceed the 3 month mark in order to imply a trend is developing.

The historical perspective in the NY Gold Nearest Futures included a rally from 2015 moving into a major high for 2020, the market has pulled back for the current year. The last Yearly Reversal to be elected was a Bullish at the close of 2020. However, the market has been unable to exceed that level intraday since then. This overall rally has been 5 years in the making.

This market still remains in a broader bullish posture warranting a classification as a Bull Market. Nonetheless, the Weekly level on the indicating models shows inherent weakness with signs of overhead resistance at this point in time. However, the last reversal to be elected on the Weekly level was a Bearish the week of February 1st.

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 183030 and support forming below at 181600. The market is trading closer to the resistance level at this time.

On the weekly level, the last important high was established the week of January 4th at 196250, which was up 5 weeks from the low made back during the week of November 30th. We have been generally trading up for the past week from the low of the week of February 1st, which has been a move of .0383%.

Interestingly, the NY Copper Nearest Futures has been in a bullish phase for the past 10 months since the low established back in March 2020.

Critical support still underlies this market at 167500 and a break of that level on a monthly closing basis would warn that a sustainable decline ahead becomes possible. Nevertheless, the market is trading below last month's low warning of weakness at this time.

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