Loading ...Gold Miner Cycle update
Over the past year and a half, Gold and the Miners have been making significant Intermediate Cycle (IC) Lows approximately every 5 months. While my shorter term Trading Cycle counts are a bit muddled here for Gold and the Miners, we should expect the next IC Low sometime in early April near Armstrong’s second Benchmark Low date.
Much depends on the USD as well as it has been making a bullish move out of its recent IC Low. I have the USD on day 12 and it usually finds a shorter term Trading Cycle (TC) Low between days 18-24 ((I would expect a near term TC high sometime over the next week).
GDX broke a couple of important trend lines today. If we are on day 29, as I suspect, we could find a near term TC Low this week or next. The more important low, however, will be the one I expect in early April where Martin Armstrong’s 2nd Benchmark is looming ahead of us. My second GDX chart shows some Fib levels that will be important to follow as this Low approaches over the next 5-6 weeks. Until then, action could be choppy in an epic battle between Bulls and Bears.
The USD is on day 12 here and is in a very bullish uptrend thus far. I would expect a shorter term Trading Cycle (TC) High to occur sometime over the next week.
The AUS Miners are down heavily today (5+%)
GDX broke the trend line out of the 19 Feb ICL on F42 calendar days so should be very close to the DCL
IMO the longer count seems more probable making us close to an DCL
I have a turn date of the 5 Mar for Gold so the Miners are likely to sniff that out and make the DCL soon.
As is often the case the USD is the key.
F21 from the 11 Feb ICL is this Fri when I would expect it to turn down below the red trend line.
For the MA second benchmark low for gold I have some dates in the second week of April (04-10) that are significant.
Sorry for my ignorance but could you clarify please, you are expecting a turn on Mar.5 for Gold? Downward pressure?
I believe Norvast means Upward
Norvast is a Gann Master …don’t ignore
🙂