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
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 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.
The...
- 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
Dialing in to the 2hr chart, GDX continues to demonstrate a bullish stature... Looking for $52 - $54 range to cap off (5) of circle 3... with extension to 1.618 toward $59 as a possiblility. Metals can often extend in very bullish markets. GDX should remain above $35 near term, with $33.50 as my line in the sand.
For GDX, there is still room for more upwards movement! As the ETF has only touched the blue zone between $39.30 and $43.86 so far, we expect it to go for it again and more firmly this time, crossing even the resistance at $40.13. After it has finished wave (b) in blue in the blue zone, GDX should rattle down through the support at $28.83 and into the magenta zone...
GDX relative to SPX looks like it is bottoming - note RSI divergence the last several months plus huge support at recent lows on relative chart going back a few years. It seems to me that GDX (gold miners) are probably going to significantly outperform the overall market in the months and quarters ahead. I am stepping into some selective longs looking for alpha.
Looks like GDX is ready to move up out of the channel depicted by the green line. Some work may need to be done in this area to get thru , but with the war, rising inflation and other macroeconomics factors it wouldn't take much to send this stock to new highs. Watching and waiting patiently for entry. NEM holds the key.
As the title indicates, I'm looking for another decent-sized move in precious metals. The war in Ukraine, bitcoin gaining support from more and more regulators, climate change/green energy initiative and the oil crisis (if there is one) are all serious things that could put a lot of pressure on the U.S. dollar. I like gold better than cryptocurrencies that are...
GDX weekly nice chart with Triangle breakout and volume increasing with MACD opening up all implying more room to the upside.
I'm in April 35/40 debit spreads and looking for 40 as the first price target.
XME (metals) Gold Silver all appear to be ready to make a bull run, keep these on your watchlist especially with some weakness still in the equities market.
GDX Daily Timeframe.
-GDX has successfully closed above the falling wedge pattern which has been formed since 6th August 2020. Thus, this would be a potential continuation of its major bullish trend.
-In smaller timeframe, both H4 & H1, GDX also formed a double bottom with the neckline in $35 price range.
-Bullish divergence is clearly presented in daily timeframe...
Gold and miners might be finally ready to make a run with a nice breakout of resistance line here. MACD showing bullish confluence and 9/20 moving average cross
I'm long april 35/40 debit spreads
