Gold Miners Update – Updated GDX Price Target

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 here.

For a look at all of today’s economic events, check out our economic calendar.