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VANECK GOLD MINERS ETFVANECK GOLD MINERS ETFVANECK GOLD MINERS ETF

VANECK GOLD MINERS ETF

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Gold Miners ETF (GDX) Bullish View Showing Impulsive RallyRally in Gold Miners ETF (GDX) from 6.29.2023 low is in progress as a 5 waves impulse, favoring further upside. Up from 6.29.2023 low, wave 1 ended at 30.8 as the chart below shows. Pullback in wave 2 ended at 28.91 with internal subdivision as a zigzag structure. Down from wave 1, wave ((a)) ended at 29.74, rally in wave ((b)) ended at 30.03, and wave ((c)) lower ended at 28.91 which also completed wave 2. Wave 3 is currently in progress with internal subdivision as a 5 waves impulse in lesser degree. Up from wave 2, wave ((i)) ended at 29.82 and dips in wave ((ii)) ended at 29.20. The ETF then extends higher again in wave ((iii)). Up from wave ((ii)), wave (i) ended at 30.47 and pullback in wave (ii) ended at 30.03. The ETF then extends higher again in wave (iii) towards 32.26 and pullback in wave (iv) ended at 31.96. The ETF made another leg higher in wave (v) towards 32.4 which completed wave ((iii)). Pullback in wave ((iv)) ended at 31.48 as a zigzag. Down from wave ((iii)), wave (a) ended at 31.9, wave (b) ended at 32.38 and wave (c) lower ended at 31.48. Expect the ETF to make 1 more push higher to complete wave ((v)) of 3. Afterwards, it should pullback in wave 4 to correct cycle from 7.6.2023 low before it resumes higher. Near term, as far as pivot at 28.91 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.
AMEX:GDXLong
by Elliottwave-Forecast
GDX heading down... It has been more than 6 months since I looked at GDX proper. Yes, I might have missed the last Gold/GDX rally, but I think that short run is about over... Looking at the weekly chart for GDX, a decisive lowest close since March 2023 is representative of a end of a bull trend, if it is not already obvious enough. The near marubozu type down candle came after a quick dip and a lower high, to get a close near the lower low... which just prevails the downward momentum. Few other notes... 1. a trendline support breakdown this coming week would accentuate the downside bias; 2. the MACD and VolDiv have crossed down and looks determined to crossunder the zero line; 3. any further breakdown bring it into the previous consolidation range. And a break in into the range suggest an extrusion on the other (lower) side of the range; 4. Noted that the USD appear to be gaining strength and the equity markets are about ripe for a retracement. Furthermore, the Gold analysis point to a further slide in Gold prices. Taken together, these 3 critical pillars for GDX are impacted, whcih gives little for the bullish case on GDX. Down it goes... heads up!
AMEX:GDXShort
by Auguraltrader
GDX: Will you make it? 💪This is what we ask GDX regarding our primary scenario. The ETF has shown momentum in both directions: upward and downward. However, we expect the bulls to win this fight, pushing GDX above the resistance at $32.58 and into the turquoise zone between $33.93 and $35.57. There it should finish wave ii in turquoise and turn southward again, heading back below $32.58. However, our secondary scenario shouldn’t be disregarded! There is a 40% chance for the bears to triumph. In that case, we would have to wait for wave alt.(5) in yellow to expand first, which would then include a new low.
AMEX:GDX
by MarketIntel
Raining Gold"When it's raining gold, reach for a bucket, not a thimble." - Warren Buffet Hello friends. We think that this is a big opportunity to get bullish exposure to gold miners, and it's good to adjust the sizing according to the edge so we are building a big long position for gold miners. There are several factors that make this a great time to get long. For one thing, gold miners are simply priced well. They are trading at a cheap P/E ratio average of 16.6 presently, down by a lot from the bubble highs. Another factor to consider is seasonality. Gold enters an enormously bullish period in September and then continues to rally through the end of the year with the exception of October. A big factor that the market isn't even seeming to consider is the fact that gasoline futures have now fallen by around 40%, which is a good sign that inflation has peaked and also means a lower cost basis for the gold produced by gold miners since they use up gasoline and many other commodities within their process of extracting gold. Cheaper gasoline will mean the other commodities used in production can also get cheaper.
AMEX:GDXLong
by bowtrix
9
Elliott Wave Expects Gold Miners ETF (GDX) Buyers expect soonGold Miners ETF (GDX) shows a bullish sequence from 9.26.2022 low favoring further upside. The 100% – 161.8% Fibonacci extension target from 9.26.2022 low comes at 38.3 – 45.7 area. Rally from there is unfolding as a nest where wave ((1)) ended at 33.34 and wave ((2)) pullback ended at 26.64. Wave ((3)) is in progress as another 5 waves in lesser degree. Up from wave ((2)), wave (1) ended at 36.10. Pullback in wave (2) is in progress to correct cycle from 2.24.2023 low in 3, 7, or 11 swing before the rally resumes. Internal of wave (2) is in progress as a double three Elliott Wave structure. Down from wave (1), wave ((a)) ended at 34.38, wave ((b)) ended at 35.19, and wave ((c)) ended at 34.07. This completed wave W in higher degree. Corrective rally in wave X ended at 35.19. Wave Y lower is in progress as a zigzag structure. Down from wave X, wave ((a)) ended at 33.60, wave ((b)) ended at 34.63, and wave ((c)) of Y should reach the extreme area at 31.9 – 33.15 blue box area. From this area, the ETF can extend higher in wave (3) or rally in 3 waves at least.
AMEX:GDX
by Elliottwave-Forecast