Loading ...GDX – Shorter Term Prospects
Are not so rosy. At this point I think it could go either way. Geo-politics may play a big part, as well as the continuing dollar struggles. I’m pretty confident longer term i.e. that the big picture trend is up. I’m less confident about the next 2-3 months. There is considerable evidence to suggest a downtrend developing into a December low. The question remains, do we go straight down from here, or, maybe more likely, up first and then down. It may turn out that any down move is very limited, but the chart below shows a couple of potential targets to bear in mind. How things play out over the coming weeks will determine the starting point of my first green up arrow in my earlier post. I certainly wouldn’t take my earlier chart at face value either, it’s intended to suggest the overall trends of upward price action and weakness going forwards, coupled with the fact that I think we will be making new highs in the next 2-3 years, or at the very least, challenging the old highs.
Appreciate your work.
Thank you NS. I thought your last post was more of an expression of longer term prospects. So I appreciate the short term potential prognosis. I still have in the back of my mind the stock market may be the place to to be short to medium term. I know your thoughts there. Keep them coming.
You might be right Gallo. The SM has been relentless in its strength. Who knows how far it can be stretched. Timing the top is never easy, but on a risk/reward basis I feel strongly that PMs are the place to be and will outperform the SM from now until mid 2020’s.