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GDX

GDX's downtrend continues. Perspectives and thoughtsGDX's downtrend has cast a shadow over gold's price and last week we saw a determined continuation of the downtrend for the Vaneck ETF. The ETF's price broke through the support with an average volume of 26.52M for Friday's trading session and buyers made no attempt to by the dip. We've closed with full-body under the support and below the $36 level. In the days before the drop on Friday, we saw some increase in volumes as some selling started to accumulate. RSI remains below the 50 ballast line and MACD has made a bearish crossover. The histogram is below 0. The perspectives for the ETF remain negative with the overall sentiment leaning towards sell and strong sell. My target for the ETF is $31.35 - $31.25 zone. The rise in bond prices keeps Gold and the corresponding ETF's unattractive at this point.
AMEX:GDXShort
by DailyChartist
3
GDX continues its original path - DOWN to 30GDX... one of my favouorites, but now is in a major retracement. Again, three out of four factors are not favourable: 1. USD rising 2. Gold bearish 3. Equities Bearish (or soon to be) Only Low Interest Rates are favourable. The weekly chart has a GAP DOWN (ignore the BRB Buy signal for now), and it closed below the weekly 55EMA, which is a significant development. MACD is crossing down soon in bear territory, and the RPM is pushing down again! Shifted downside target to 30, mid Feb 2021.
AMEX:GDXShort
by Auguraltrader
Has GOLD Caught My Attention? Breakout on the HorizonGold Weekly uptrend is in a current consolidation cycle, hence the up and down movement on the Daily chart with no clear direction as of yet. As we zoom in intraday for multiple time frame analysis, you will see the 2 hour chart(left side) has found support at $1836 and the bands are constricting around the price action. Now with every great consolidation cycle, comes great volatility as we know one thing is true "Volatility is cyclical". So with a bottom in and intraday charts aligning, this intraday breakout IF strong enough, could set the Daily chart up for a strong enough break out, to pour over into the weekly charts to continue the uptrend and breakout of the Weekly chart consolidation Cycle. Gold is on watch, has the potential to move like bitcoin, once the market takes it last breath, this would be a good bottom to establish one self IF it holds. $1900 is the key level to break and hold...All aboard? TVC:GOLD
TVC:GOLDLong
by TTMTrades
1
GDX resumes its original pathA month ago, the GDX gapped up above the 55EMA to break a downtrending cycle. But it was not sustainable, as previously observed. This week saw the concomitant plummet, alongside Gold, which closed the previous Gap Up with a Gap Down, bringing the week closure below the 55EMA. This is a failed breakout. Technicals support this bearish turn of events, with the MACD and the Price Momentum crossing down. The drivers for this downside move have been described previously... Target 32-33 in Feb 2021.
AMEX:GDX
by Auguraltrader
1
Gold snooked many... Previously mentioned that Gold was in a downtrend... and despite a December rally that started a lot of Gold-to-the-sky talk, I had doubts and hence, no update post as I was patiently observing. Friday proved my suspicion correct as Gold dropped well below the 1900 level after breaking above 1950 for a day. The Friday Gold drop wiped out the month of December's gains in a day. Big hint here. Nonetheless, one of the major reasons for being suspicious about the rally was that the Top 8 traders were obviously selling Gold, not buying. The bottom most panel (yellow line indicator chart) is the Top 8 Net positions. From May to June 2020, the Top 8 traders were accumulating already. And when the non-commercials started joining in the accumulation party, Gold prices took off. December 2020, the Gold rally was supported by retail and clearly, non-commercials (until Christmas). However, it is clearly observable that the Top 8 Traders were distributing instead. Over and above that, technicals show that Gold has a trend change, and needed to consolidate first. MACD was in bearish territory, and price just bounced off 1800 support and channel support despite that there was a large harami type candlestick pattern indicating a couple weeks of Gold rally in December. Well, that has ended... promptly. This week, we saw a break out of channel resistance, and then failure of that break out. Bad news... this typically suggest a breakout on the other side to follow. This can be targeted to be around Feb, at about 1650, if it were to plummet over the next few weeks. Probable at this point as the massive bearish engulfing (after channel breakout failure) is strongly suggesting... I expect to see some small bounce, followed by more of a dive in Gold over the next two to three weeks. Breaking down and out of the channel support represents good opportunities to look for a trend change (back to bull trend). Oh wait... there is a BRB system buy signal, which I intend to discretionarily ignore for now. Perhaps take into consideration IF there is a bounce off the 55EMA in about two weeks. Anyways... Do see my following post about the USD (and the GDX too). It spiked, and contributed to Gold dropping fast on Friday.
COMEX:GC1!
by Auguraltrader
GOLD MINERS GDX bearish tonesPlease see Chart... recent minor failures hint of bearish tones, and technicals are crossing down. Overall, the equity markets are pushing higher on air and expecting a serious pullback soon, after a surprise trigger. Gold prices are not moving despite USD weakening... this is bad for Gold, and Gold Miners particularly. Once the USD jumps, and Gold drops, then the Gold Miners will be in double jeopardy. I like GDX, but it is reeking of danger right now. I would be very wary IMHO...
AMEX:GDXShort
by Auguraltrader
4
Gold consolidating for a (potential) move to $2500 in early 2021With gold being in consolidation mode for a few months, this is a potential path out of the bull flag and trend it's trading in. I've drawn ideal support backtests with little flushes below to shake out weak hands. The measured move out of this trend will replicate the move up from our March generation lows, placing the target somewhere in the $2500 range. Inflation will show up in commodities/PMs as we have the regime change in the US and more stimulus packages to aid the economic recovery.
TVC:GOLDLong
by bubblegumman