News 
Market Data 
Discover
Replies to post #1369 on Gold Miners ETF (GDX)
11/11/17 9:29 AM
As of the close of Fri. Nov. 10, 2017: Our immediate trend model is bearish . Projected technical Resistance stands tomorrow at 128772, 127422 128602, . Opening above this area will cause it to become support. Projected technical Support tomorrow lies at 127362. Naturally, opening below this area will cause it to become resistance.
We should see a trend change come January 2018 in NY Gold Nearest Futures so pay attention to events ahead. Last month produced a low at 126280 and so far we are trading neutral within last month's trading range of 130840 to 126280. We need to breakout of this range to confirm the direction. Therefore, a close above will be bullish and a close below will warn of a possible decline.
NY Gold Nearest Futures closed today at 127420 and is trading up about 10% for the year from last year's closing of 115170. Thus far, we have been trading down for the past day, following the high established Thu. Nov. 9, 2017.
Our Daily level momentum is bullish while the trend indicator is neutral providing a mixed short-term posture for the market. Turning to the broader picture, our long-term trend is bearish while the cyclical strength indicator is neutral providing a mixed perspective of the market beyond the short-term.
On the weekly level, the last important low was established the week of October 2nd at 126280, which was down 4 weeks from the high made back during the week of September 4th. We have been generally trading up for the past 2 weeks from the low of the week of October 23rd, which has been a move of 1.99% percent.
Some caution is necessary since the last high 136240 was important given we did obtain one sell signal from that event established during September. Critical support still underlies this market at 121420 and a break of that level on a monthly closing basis would warn of a further decline ahead becomes possible.
Diagnostically, my wide-ranging forecast recognizes that the current bullish progression in NY Gold Nearest Futures reflects a major low may be forming since we have not elected any Yearly sell signals on our model. Furthermore, the NY Gold Nearest Futures remains somewhat neutral at this present moment trading within last year's range of 137750 and 106100. Presently, we have made a reaction low in 2015 which was a 4 year decline. Since that reaction low of 2015, this market has bounced for 2 years, but it remains still within last year's trading range of 137750 to 106100. Keep in mind that we may yet complete the decline to a new low this year if we do not exceed last year's high of 137750 and close above the Yearly Bullish Reversal at 130790. Failure to make new lows this year warns that we could extend down into next year since their is a split between the high intraday took place in 2011 and the highest yearly closing which unfolded in 2012.
To date, this market has not breached any long-term support which begins at 68090 on an annual closing basis. Overhead key resistance within this trend stands at 130790, while support immediately lies down at 68090 on an intraday basis. So far, this market has remained in a bearish tone since the 192370 major high established back in 2011.
Eyeballing the immediate momentum is Neutral on the weekly level yet we did penetrate the week of October 30th's low. Some caution is warranted given the fact that last month closed lower. Currently, the market in technically neutral since it is still trading inside last year's trading range. On the weekly level, the last week of 11/6 was an outside reversal to the upside which is implying we have a bullish bias currently. At this moment, this market is in a downward trend on all our indicators looking at the weekly level. Inspecting the direction of this trend, we have been moving down for the past 3 weeks. The last high on the weekly level was 130840, which was created during the week of October 16th. The last weekly level low was 120400, which formed during the week of July 10th. However, we still remain below key support and key resistance now stands at 127820 above the market. Taking a broader view, this market is in a downward trend on all our indicators looking at the monthly level. We can see this market has been down for the past month. The last high on the monthly level was 136240, which was created during September. The last monthly level low was 104540, which formed during December 2015. However, we still remain above key support 123650 on a closing basis.
