We hope you’ve all got your popcorn ready because it’s getting more and more exciting here! GDX has reacted to the upper edge of the magenta-colored zone between $19.52 and $27.49 and has slowed down its upwards movement. Although the ETF could directly continue the ascent, we still give it some more room and time to finish wave in magenta a bit deeper in the...
Quick note that the GDX is finally recovering. After about 8 weeks, and a consolidation range, the GDX appears to be recovering with a nice gap up on the weekly chart. Technical indicators are turning up, and the daily chart would be testing the 55EMA soon... 29 appears to be a very strong resistance to break.
Weekly chart analysis shows that we are in a bit of no mans land here. Weekly support here on WEMA 200, but if my analysis is correct W2 should actually drop to $1,370.00 Before starting the next leg higher. So left to be seen I guess. either way $3,000 plus is soon on the way IMO.
Newmont ( NEM ) stock prices have been falling precipitously, halving in value from highs of $86 in mid-April, due to lower gold prices and rising input costs weighing on the company's earnings. On July 25, following the release of the disappointing second-quarter results, with EPS down to 0.46 (-30% lower than expected), the world's largest gold miner fell to...
Just like many of the other commodities, Newmont mining looks overextended and is starting to turn over. Because of how quickly it ran, I think we're likely to see a violent snap back in price back to the February lows. I can see price going to the $60 range before continuing up and/or retesting these highs as resistance.
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...
GDX seems to be doing a BIG UPCHANNEL started from the 2016 low & retested at the 2018 low. If this lower channel is to be retested, GDX may bottom at the 24 green zone. This is the most probable since this is also the 2016 VWAP & the FIB 0.618 retracement from 2016 low. However, if you look at the VOLUME PROFILE, then GDX may fall more to the 21 zone to create a...
Down it goes! Just as we expected, the bears are in high gear and have proceeded to carry Barrick downwards. Soon, they should reach the support at $13.01 and lead the price below this mark. However, there still remains a 35% chance that Barrick could escape the bears’ paws and rise above the resistance at $24.95, thus activating further ascent above the next ones...
Previous analysis appeared bullish, but the price movements in the last two weeks since failed. The weekly chart instead of following through with the bullish indications, reversed into a weekly gap down and further down for the next week. Weekly technicals are weak and suggest some bearishness. A clear failure for the GDX ETF to break above the weekly...
The weekly chart closed the week nice candle that had a long bottom tail, albeit a red candle, but bullish indication here. The daily chart had GDX gap down on Friday's opening, then rally hard to close a bullish engulfing, spanning across a resistance zone. This can form the higher low point later next week. Indicators are not yet bullish, but candlesticks are...
GDX found an interim bottom and bounced as expected, but it is not clear that it is bullish, as yet. the recet deep retracement put it out of the -3SD and it bounced back. But apprears to stall for a bit. Daily technical indicators are not very bullish and this suggests a bit more baking time needed. Weelly Gap area is the support, a a breakout of the downtrend...
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...
Just as Gold and equities plummeted over the last 4 weeks, GDX was in no way spared, losing at least 25% from 4 weeks ago. An absolutely deep retracement following Gold prices. Daily candlestick pattern suggest a brief consolidation at current levels, 30-31. Do not yet see a bottoming pattern... not yet.
This is weekly GDX chart, testing multiple support levels - Channel lows, 200 SMA and long term support trend line. It's a good buy now for a quick bounce and also for long term. Given inflation is going to be hot for few more years, gold and gold miners will shine.
In the last week, GDX erased the bullishness of the preceding month with one fell swoop of an Bearish Engulfing kind (weekly chart). So expecting continued bearish candles would be expected as it follows through. The daily chart supports that view so far, and it just broke down of the 55EMA, after a gap down. The good thing is that it did not really gap and...
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...
15-Year Resistance at play. GDX grinds through a battlefield of long term resistance in the $38 to $42 range. Once broken next big resistance @ $54.
Two weeks ago, a break above 40 was expected , and it just closed the week above 40, in good fashion if I may say so. The weekly GDX chart followed the previous week's long tailed doji and gapped up, ending near the week's high, with yet another lower tail. Bullish candlestick structure here. Technical RPM indicator is supportive of the momentum, although the...