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Replies to post #1264 on Gold Miners ETF (GDX)
08/10/17 10:38 AM
We have a Minor Weekly Bullish Reversals in gold at 1284.20, 1290.70 and 1298.90, Hence, today is the target for a Directional Change and this week is a key target as well for a turning point. Our models on North Korea warn that this may come to a head here this weekend. We now need to maintain a closing in gold ABOVE 1284.20 tomorrow or we will see this turn back down.
The Important Weekly Bullish start at 1338.40 and we have technical resistance at the 1319-1330 level.The next important target will be the week of September 4th. Keep in mind that we may also see a decline in the stock market and this will give a bit of support for gold at first. Monthly models show September as the next key monthly target. Therefore, any escalation of events with North Korea firing four missiles off the coast of Guam could send gold up into September. Do not forget the main Monthly Number has not change and remains at 1362.
We also have a Minot Monthly Bullish at 1378. So it still does not year appear we are looking at a major change in trend just yet.
