Loading ...GDX Target
Here is a chart showing $17 like Spock was suggesting…..
The monthly shows similar channel resistance this month. We need a monthly close above the channel to confirm a bottom-is-in case for the GDX. I could envision a scenario where we run up to $17 in Dec and then pull back with the $15 area being support before breaking out of the channel. Even if gold doesn’t bottom until April as MA suggests, I think a case is being made that the GDX is likely to continue to diverge, possibly forming a bullish flag but perhaps never dipping back below $15 after hitting $17 perhaps later this month. Just some random musings…..this should be very interesting to say the least. I am probably going to trade less going into 2016, particularly the 3X ETFs, and instead start building positions in individual miners with an investment duration in mind. I already started picking up about 6 miners Friday morning.
according to Martin Armstrong in his Dec 5 commentary something important happened this week re the benchmark for the low in gold…here’s what he said to a comment made by a subscriber: “Yes, we reached the first number 1043 in the precise week of the first Benchmark” and the comment MA was responding to included this: “Mr. Armstrong, it is really unbelievable how the metals fell right into the precise week you gave more than two years ago…”
Presumably MA will have something further to add IF this reaching of the first number 1043 in the precise week of the first Benchmark” means that the first week in December IS the low for gold NOT the 1st week in April which was the computer’s 2nd benchmark date……more will be revealed….
I had read that as well. I thought as recently as just a couple of months ago he was also looking for the gold:silver ratio to hit 82 or something like that again in order to mark gold’s Dec bottom. I don’t think it ever went above 78 since he wrote that.
I have a note on one of my charts from early this year ~March where he was advising that a monthly Euro close below 1.0765 would be spell disaster for the stock market. We got a 1.05 monthly close in November but I never saw him make any other reference. Although he certainly has his finger on the pulse of so many markets so very well, he seems to cherry pick the key indicators and forecasts that support his work in the rear view mirror and abandon any reference to ones that didn’t play out as expected. I’m sure if I confronted him about this, he would tell me that his institutional clients are getting a more clear and up-to-date picture compared to what he gives away for free on his blog.