Gold Miners ETF (GDX)

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Gold into the 3rd Quarter
By: Marty Armstrong | July 11, 2022

So far, Gold has declined into the 3rd quarter as our Array has projected. Ideally a low here in the 3rd Quarter should hold. The technical support during the 3rd quarter lies at 1727.50 whereas it did drop to 1725 intraday. Only a quarterly closing below 1705 level would suggest a serious decline in possible. When we look at the Yearly level, 2023 is a Panic Cycle in gold.

The Quarterly Array clearly shows that the 3rd quarter is a target for a turning point and a Direction Change appears next quarter. The real volatility appears in the 2024 target and after 2024 we are more likely to see international war which would suggest even in Asia.

The highest yearly close remains that of 2020 and as long as this year closes below that of last year 1828, then we have a two-year correction in play. Last year's low was 1683 and a close below that would warn that we will make a new correction low early 2023, but because it is a Panic Cycle, that warns that 2023 can produce an outside reversal. That would imply an early 2023 low would be followed by a rally into year-end.

The year 2020 was 21 years up from 1999 low. That high was on target with even the standard Bullish Cycle Count. My concern is that 2023 is a turning point on our war model. You can see the large spike in 2023 and we have a Panic Cycle in 2026. We are already witnessing a sharp rise in civil unrest and uprisings to assassinations here in 2022 and next year is likely to be worse. The Democrats are desperate to allow aliens to vote to justify confiscating assets from real Americans. The Democrats have lost all sense of being American and this is all about them holding power and pushing the country into this Great Reset handing power to the United Nations. I cannot imagine a better scenario for serious violence to appear in 2023 if the Democrats rig the 2022 election again.

While the Uganda discovery has had a near-term impact, I do not see this as a long-term influence. The geopolitical events are more likely to overwhelm that issue and bringing gold to market will be much more difficult than casually suggested.

Hence, we should just follow the Reversals and other Arrays for they will incorporate everything needed to see the path ahead.

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