Gold Miners ETF (GDX)

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NY Gold Futures »» Weekly Summary Analysis
By: Marty Armstrong | June 11, 2022

NY Gold Futures closed today at 187550 and is trading up about 2.56% for the year from last year's settlement of 182860. This price action here in June is reflecting that this has been still a bearish reactionary trend on the monthly level.

ECONOMIC CONFIDENCE MODEL CORRELATION

Here in NY Gold Futures, we do find that this particular market has correlated with our Economic Confidence Model in the past. The Last turning point on the ECM cycle low to line up with this market was 2015. The Last turning point on the ECM cycle high to line up with this market was 2020 and 2011 and 1996.

MARKET OVERVIEW
NEAR-TERM OUTLOOK

The historical perspective in the NY Gold Futures included a rally from 2015 moving into a major high for 2020, the market has been consolidating since the major high with the last significant reaction low established back in 2015. The market is still holding above last year's low. The last Yearly Reversal to be elected was a Bullish at the close of 2020.

This market remains in a positive position on the weekly to yearly levels of our indicating models.

Solely focusing on only the indicating ranges on the Daily level in the NY Gold Futures, this market remains moderately bullish currently with underlying support beginning at 187230 and overhead resistance forming above at 187860. The market is trading closer to the resistance level at this time.

On the weekly level, the last important low was established the week of June 6th at 182650, which was down 13 weeks from the high made back during the week of March 7th. This was a key week for at least a temporary low. We have seen the market drop sharply for the past week penetrating the previous week's low and yet it recovered to close above the previous week's close of 185020. We are still trading above the Weekly Momentum Indicators so we have not undermined critical support as of yet.

INTERMEDIATE-TERM OUTLOOK

YEARLY MOMENTUM MODEL INDICATOR

Our Momentum Models are declining at this time with the previous high made 2020 while the last low formed on 2021. However, this market has rallied in price with the last cyclical high formed on 2020 and thus we have a divergence warning that this market is starting to run out of strength on the upside.

Critical support still underlies this market at 175200 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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