GDX trade ideas
GDX stop loss 34 ..looking for a target of 50 to 53GDX stop loss 34 ..looking for a target of 50 to 53
Weekly GDX chart showing .Good Flag forming on GDX which bullish. one need to be patient to accumate ETF at support zone 37 to 34.5 and before finally flag break out happens we can expect rally of 13 to 15 points and hence target 50 to 53...
Volatility is confirmed.. I will be adding 10 to 20% of GDX investment at this level..
76.4 % extension support is around 34.52
GDX I'VE BEEN WAITING FOR THIS$nugt $dust $gdxj $jnug $jdst $slv $gld
Renko is not playable in published ideas so I'll update this chart. My last post got little attention and I've been warning people about a sudden drop in gold, silver, miners. We're setting up a new buying opportunity but how low does it go? I would like to see GDX between 28-32. Hold fast.
Gold Miners Have Been SnoozingPrecious metals surged earlier in the year as Covid-19 hammered the economy. They’ve snoozed the last few months but could now be setting up for further gains.
The main feature on VanEck Vectors Gold Miners ETF is its broad triangle forming since the summer. It hasn’t broken out yet, but is worth watching.
Next, GDX has found support at its 100-day simple moving average (SMA). Meanwhile, it’s trying to fight its way up and above the shorter-term 8- and 21-day exponential moving averages (EMAs). Will the longer-term bullish trend reassert itself against the shorter-term bearish/neutral trends?
Finally, you have intermarket conditions: a weak U.S. dollar . The greenback has paused for the last month as traders waited and hoped for a GDP-jolting stimulus package. So far it’s been elusive, and jobless claims have ticked higher. Meanwhile China is steady and Europe has the potential for Brexit resolution in coming weeks. All of those factors argue in favor of a weaker dollar, which in turn would typically support gold miners.
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