Our cycles supported a turning point in precious metals around November 6th (+/- a few trading days). I assumed it would time a low. Today’s market action suggests that instead of a low – gold inverted and probably formed a high overnight. Below is our updated price target(s) for GDX.
GDX DAILY : Prices reversed at the gap, and I am glad we waited for confirmation before committing to new positions. If gold continues to collapse below $1850 (likely), I think GDX will reach $34.00 to $35.00 near-term, and perhaps $31.00 – $33.00 in December. Reaching the December target would represent an incredible buying opportunity, in my opinion.
Click here to view our article- Gold Price Forecast: Gold Price Target’s $1750
AG Thorson is a registered CMT and expert in technical analysis. He believes we are in the final stages of a global debt super-cycle. For more information, please visit […]
November 10, 2020 Published by StockMan