Collection of Gaps...Would they be filled?
Would gold drop to pre covid levels?
If the previous chart was bearish...this is even more.
Grizzly Bear.
www.youtube.com
Enjoy the song.
i am serious
and i publish the date too
let us see how this can overcome rising input costs
this should be great for metals as supply is further constrained
GDXJ is still acting squarely in accordance with our expectations and has advanced into the magenta zone between $37.26 and $24.77, where it should soon finish wave ii in magenta. Afterwards, GDXJ should turn upwards, crossing $36.58 and heading for the resistance at $51.92. There remains a 30% chance, though, that the ETF could fall through the magenta zone and...
Main trend still bearish
Short term bullish.
Max target i expect is about 37,5$. If goes over it at 38,5$ should be extreme.
This could happen about mid month July or end the month.
Then short again.
This will finish this leg down, and market continues to be weak. Also gold (of course).
So that is what is prudent to do and unless those targets are reached earlier than expected, I will take out my short prosition at that level and wont expect further downside for now.
If that happens, I still think that even if gold and miners move up again, the still could...
This is a very asymmetric trade setup with nearly blue skies to 100 if it can catch some momentum in the coming sessions.
We also have a nice little fractal that shows us the path upward, should we break 49.
I would not front-run this one and would wait for 50+ daily close before a serious entry. With this level of confirmation in pocket, I'll be taking a rather...
If you are long gold miners, juniors seem to be at a better relative position to GDX. Bouncing off of medium-term support (since 2015 gold bull run).
Also seeing some bullish divergence on 1W RSI.
Soon will begin the final leg down in the sector, that could take GDXJ to 23 $ level.
After that we have to see.
At some point this year, could see a multiyear bottom in miners.
That will mean that I thnik they will begin to outperform gold.
So, in cycles up, they will rise huge.
And in cycles down, the will fall, but not making lower lows. But that is still to be...
I didn´t expect such weakness in the previous idea.
The move is being very intense, and it can continue in the same way
Before de month ends, GDXJ about 40,5$.
Then, there could be a move up to the 45$ before another push down to the 32$.
And all this could happen during the month of May.
Caution
After jumping down from its last high at the lower edge of the blue zone between $51.27 and $62.63, GDXJ has fallen below the mark at $36.58 to test the waters of the magenta zone between $37.26 and $24.77. We expect it to gather more downward pressure to advance deeper into the magenta zone, where it should finish wave ii in magenta. Then, the ETF should turn...
GDXJ looks to be rejecting at resistance here which could setup a large move lower. I know everyone wants to be bullish gold, but both commodities and equities are starting to look weak here.
I think we're about to see a false breakout of the falling wedge and a break back below it down to $35 as the first target, and potentially the $20 range after that.
Green...
VanEck Junior Gold Miners ETF (GDXJ®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MVIS®Global Junior Gold Miners Index (MVGDXJTR), which is intended to track the overall performance of small-capitalization companies that are involved primarily in the mining for gold and/or silver.
New cycle down in the sector: gold and miners.
This are my targets for the next two weeks.
The first two hight probability
The last one (40) could be reached,If not from this drop, from the next one.
GOLD ALSO DOWN
1920
1860
1820
targets
GDXJ is showing some nice bullish divergence in the pennant of a bull flag on the 4hr and daily RSI. Upside is 30%+ and if it breaks down below the lows of the flag it'd be time to get out.
This is obviously dependent on what Gold spot price does. So, if XAU decides to finally use that hidden bullish divergence to head to all-time highs, then gold miners are...
