GDX like gold is looking to break out to the moon, but is that party going to be put on hold for now? Both Gold and the GDX are showing some bearish divergence (shown in chart), they are moving higher in price on lower momentum. In fact most indexes are showing this, not just the gold market. We are going to need a lot of rocket fuel to get to $47 for GDX and...
I'm only in this for a small play but I did not want today to happen. I'm still short GDX but from the dotted line you can see where I will exit the trade.
We can see from this chart that price is ready to drop! It has hit a key level of support and bounced off, it has tested this area several times before going higher each time. The last time this level was broken it was a freefall to the bottom.. The next time the drop may be even greater!! Get the sell stops in!
GDX (1H) / Primary Elliott Wave Count
Green box: 30.60-31.31 Hourly bullish divergence so a front run is possible (notice the horizontal support at 31.79). Gold prices have more to correct it seems, though.
Gold mining stocks have a reputation on promising to deliver big but failing (see 2009-2011). I’ve been following the GDX since 2016 when I first started buying gold miners, and up until 2020, nothing really happened. The miners were in a bear market for 8 years and could not breach the $30 resistance, until April 2020. Does this signal the start of a new bull...
Gold miner could be in a W4 flat (alternate)
Difficult not to see an inverse Head & Shoulders pattern in this gold miner, isn't it?
New multi-month support at $32. GDX needs to stay above $32 for the rally to resume.
GOLD Barrick consolidating below a big resistance trendline. It could be within a triangle 4 (confirmed by volume, unlike the commodity?). EW geometry not ideal. Green box #1 is 25.67-26.23.
GDX breaks out from a 7 year Resistance and looks to head higher to 55 in the next year. Fueled by rising gold prices and low oil prices.
To be taken with a pinch of salt. The theory is relatively simple. When the VIX and Gold Silver ratios get so far out of the normal range, they tend to reverse but slowly over time. This usually leads to a bull run in the GDX and Silver prices if played out similiar to 2008. I would anticipate the Gold and Silver miners and Silver to be a buy in the coming months,...
The GDX ETF is about to break out. Initial target is the high 40 as this is the next resistance level. This also coincides with the 50% fibonacci retracement level. I would expect some consolidation following this target being met, eventually heading higher.
After months of choppy waters, finally bulls are emerging from beneath the woodwork right on time to position for 2020 flows. For all those tracking the current leg in Gold by now it should be crystal clear: Those momentum traders will know the highs will be eclipsed over the next few sessions, generally prefer buying dips. What I am most impressed by is...
Good time for correction move.