News 
Market Data 
Discover
Replies to post #1584 on Gold Miners ETF (GDX)
04/28/18 9:29 AM
WRITTEN OPINION AS OF THE CLOSE Fri. Apr. 27, 2018: NY Gold Nearest Futures closed today at 132340 and is trading up about 1.07% for the year from last year's closing of 130930. Thus far, we have been trading down for the past 7 days. On a broader perspective, this market has been trading down overall for the past 12 days, since the high established Wed. Apr. 11, 2018 following the high established Wed. Apr. 18, 2018. Relying on our Reversal System, our next Weekly Bullish Reversal to watch stands at 135050 while the Weekly Bearish Reversal lies at 131310. This provides a 2.76% trading range. Turning to the broader Monthly level, the current Bullish Reversal stands at 135770 while the Bearish Reversal lies at 126270. This, of course, gives us a broader trading range of a 6.99%.
The last event was a low established during 2016.
A possible change in trend appears due come June in NY Gold Nearest Futures so be focused. Last month produced a low at 130360 and we need to penetrate that level on a monthly closing basis to suggest perhaps a further decline.
Looking at the near-term level, the market has closed up 25.2% from the last cycle low established during 2015, which has been only a 2 year rally from that event. Turning to the long-term perspective, the market has still closed on the Yearly level up 417.5% from the strategic low established during 1999, which has been a 18 year rally from that key event.
Looking at the near-term level, the market has closed down 4.95% from the last cycle high established during 2016, which has been only a 1 year decline. Turning to the long-term perspective, the market has closed on the Yearly level down 31.9% from the strategic high established during 2011, which has been a 6 year move.
The Daily level of this market is currently in a full bearish immediate tone with resistance at 134890. To date, this decline has been down for seven daily sessions. Nonetheless, after making a new low, the market bounced to close higher indicating the decline is starting to ease up for now.
On the weekly level, the last important high was established the week of April 9th at 136940, which was up 17 weeks from the low made back during the week of December 11th. We have seen the market drop shaply for the past week penetrating the previous week's low and it closed beneath that low which was 133700. This was a very bearish technical indicator warning that we have a shift in the immediate trend. We are still trading neutral on the Weekly Momentum Indicators and this is a warning that initial support has been breached. This strongly implies we should pay close attention now to the Weekly Bearish Reversals. If we begin to elect Weekly Bearish Reversals, then we are dealing with a more sustainable near-term correction.
At this moment, this market is in a downward trend on all our indicators looking at the weekly level. Eyeing the direction of this trend, we have been moving down for the past 2 weeks. The last high on the weekly level was 136940, which was created during the week of April 9th. The last weekly level low was 123830, which formed during the week of December 11th. That is critical technical support and a breach of that low would warn of the potential shift in near-term trend. However, we still remain above key support 130660 on a closing basis.
Critical support still underlies this market at 126270 and a break of that level on a monthly closing basis would warn of a sustainable decline ahead becomes possible. On a broader perspective, this market remains in an uptrend posture on all our indicators looking at the monthly level. We see here the trend has been moving up for the past 27 months. The last monthly level low was 104540, which formed during December 2015, and only a break of 130900 on a closing basis would signal serious correction ahead. The last high on the monthly level was 136540, which was created during January. We have generated a buy signal so some caution is required.
