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.
Please keep an eye on gold miners' bullish expanding descending wedge.
It's the gateway chart pattern that leads to next +130% move.
Wait for breakout line to be convincingly closed above.
This is GDX’s motto only literally because its descent from the blue zone between $43.86 and $39.30 was far from unexpected and indeed completely in accordance with our primary scenario. After completing wave (b) in blue in the blue zone, GDX has established itself on its way downwards, and we expect it to continue this trend into the magenta zone between $27.49...
Short term Elliott Wave view in GDX suggests cycle from October 2021 low ended in wave ((1)) at 41.61 as an impulse Elliott Wave structure. Pullback in wave ((2)) is currently in progress with internal subdivision as a zigzag (A)-(B)-(C). The ETF is currently within wave (A) of ((2)) with internal subdivision as a 5 waves. Down from wave ((1)), wave ((i)) ended at...
Large-Cap gold miners change in price trend showed by Cup formation.
positive divergence in RSI and MACD (not included)
ROC above zero line, every other previous time this happened a bull run was fuelled.
Price above 200 Daily moving average
This is weekly GDX chart, testing multiple support levels - Channel lows, 200 SMA and long term support trend line. It's a good buy now for a quick bounce and also for long term. Given inflation is going to be hot for few more years, gold and gold miners will shine.
In the last week, GDX erased the bullishness of the preceding month with one fell swoop of an Bearish Engulfing kind (weekly chart).
So expecting continued bearish candles would be expected as it follows through.
The daily chart supports that view so far, and it just broke down of the 55EMA, after a gap down. The good thing is that it did not really gap and...
Technically, the broad PMs sector still look very bullish on the longer run, with the next support on the weekly MA50 and on the falling wedge VPVR, with the next target around 46$. We might find bottom and get ready for a rebound to the previous top in the early summertime. It will coincide with the LME trading desk stopping its activities in junes (like spoofing...
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...
The multi year cup and handle provides good upside catalyst to hedge further geo-political risk. I don't think the Russia/Ukraine war is going to be resolved anytime soon.
GDX is preferred over GLD here because GDX will have positive carry (from cash flows of the miners) and the spot price is high enough to warrant some production. This is a good place to start...
The Gold Miners ETF, GDX, as expected, launched itself after a small recoil.
The Weekly chart key takeaway is that the MACD and RPM followed through, but better yet, this week saw the weekly candlestick to be in a rather bullish position, closing the week on a recent 9-month high.
Fibonacci projections bring a 47.50 upside target in the following weeks.
- nearly one-year consolidation base since May 2021
- initial breakout works well in February-March 2022
- consolidate between 36-40 in March after the breakout
- breaking out 40 could open up its next uptrend rally