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GDX

GDX vs. BTC still holding uptrendI first published this chart in December last year with the view of owning gold & gold miners over Bitcoin. Whether you took a spread on Gold spot or gold miners(GDX) vs. BTCUSD, either one would have doubled your money this year. It has been a great trade indeed but interesting to note how strong this uptrend has been since the end of last year and there looks like no stopping this gravy train at the moment. In the absence of a technical break, I am still happy to own gold vs. bitcoin for now.
AMEX:GDXLong
by MarcoOlevano
1
GDX suffering a low periodGDX, the gold miners ETF which once had a lot of potential is now in the doldrums. Having hit 41 in April 2022, it had almost halved within 4 months. Recently, an attempt to consolidate and rebound is seeing a lot of challenges. First, the Gold prices are in a bear trend, secondly, rising interest rates hurt the miners, third, the weak equities market also affect the gold miners. The GDX weekly chart has in the past couple of weeks attempted a rebound, but the past week pretty much wiped all gains out. This move mellowed the technical indicators and it is less than ideal to be a tad bullish at all. The daily chart obviously has technically bearish indicators crossing down with momentum. Overall, very likely to take out the last low. Nothing much except the obvious... bearish
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AMEX:GDXShort
by Auguraltrader
13
The Gold Odyssey - a different story emergesPreviously, since Donald Trump started the US-China trade war, Gold has been on a clear trend forming a Cup & Handle pattern in the weekly chart. This was covered in earlier posts with decent accuracy, until recently. It appears that the Gold volatility is significantly heightened, to the extent that the the Handle may have been broken. The weekly Gold chart shows many recent support failures, especially since April 2022. The past week appears to have failed breaking above the weekly 55EMA, and clocked a long bearish marubozu-like bearish candle that closed below the support range. Although the technical indicators are still looking somewhat less bearish, the weeks to come look bad for Gold really. The daily chart shows similar patterns of breakdown, with a resistance failure, from a lower high that came from a Bearish Engulfing pattern. This followed through for the week where the 55EMA was again broken down. Technical indicators appear bearish too, especially with the MACD crossing under zero. Gold is not going to do well for a while, so listen to what the charts are saying... very clear bearish message. Look for 1700.
COMEX:GC1!Short
by Auguraltrader
GDX: GDX-citing 🍿We hope you’ve all got your popcorn ready because it’s getting more and more exciting here! GDX has reacted to the upper edge of the magenta-colored zone between $19.52 and $27.49 and has slowed down its upwards movement. Although the ETF could directly continue the ascent, we still give it some more room and time to finish wave in magenta a bit deeper in the magenta-colored zone. As soon as wave in magenta is completed, though, GDX should take off, rise above the resistance at $28.83 and head for the next one at $40.13. However, there is a 30% chance that GDX could break through the bottom of the magenta-colored zone and drop below the support at $16.18, which would then activate further descent.
AMEX:GDX
by MarketIntel
Gold & Silver Reaching A Launchpad with Currencies (like 2003)Many traders believe the current setup in Gold/Silver is similar to 2018 or 2015. But the reality is this is more similar to 1999~2003 with a strong US Dollar and weakening global currencies. As long as Gold/Silver continue to strengthen while the US Dollar stays strong, foreign currencies will weaken and wreak havoc on foreign markets. Eventually, the risk levels will increase in foreign markets which will send FEAR skyrocketing. That will move capital into Gold/Silver and break the channel/trends that are currently in place. I believe we are very close (possibly 2 to 4+ months away) from that breaking point. Watch global Emerging Markets and foreign governments for signs of collapse. These will be the early warning signs that Gold/Silver are "T-minus 10". Once the US Dollar peaks/turns, we'll be at "T-minus 3". At that point, everything will be ALL SYSTEMS GO for Gold & Silver. Pay attention. This is a huge setup for precious metals.
COMEX:GC1!Long
by BradMatheny
1
Elliott Wave View: GDX in Support ZoneShort Term Elliott Wave view in GDX suggests cycle from 4/18/2022 high is in progress as a 5 waves impulse Elliott Wave structure. Down from 4/18/2022 high, wave ((1)) ended at 29.66, and rally in wave ((2)) ended at 33.52. Wave ((3)) lower subdivides into another 5 waves in lesser degree. Down from wave ((2)), wave (1) ended at 30.36 and rally in wave (2) ended at 32.80. Index then resumes lower in wave (3) towards 24.92, rally in wave (4) ended at 26.54, and final leg lower wave (5) ended at 24.38 which completed wave ((3)) in higher degree. Wave ((4)) pullback is now in progress as a zigzag Elliott Wave structure. Up from 7/26/2022 low, wave 1 ended at 24.86 and dips in wave 2 ended at 24.50. Expect a few more highs to end wave 3, then it should pullback in wave 4, before the last push higher in wave 5 to complete wave (A). Afterwards, the Index should pullback in wave (B) before the rally resumes again. Near term, as far as pivot at 24.37 low stays intact, expect dips to find support in 3, 7, 11 swing for further upside.
AMEX:GDX
by Elliottwave-Forecast
Possible top coming soon for $DXY?I can't say that I've called a top using trendlines atop of a bullish trend, but I've seen a few others do it. With the rise in the dollar bringing mass bearishness to rest of the investment complex, a pause could bring some welcome relief. Anyway, I thought the timing might be relevant as important lower levels approach in $CL, $UX, and some metals, as well being overdue for a meaningful bounce in the equities. I will use the $109.xx marker in DXY to signal a buying point for small positions in UUUU, UEX, NXE, USO, GDX, SILJ, SPY, IWM, AAPL, AMD, et al
TVC:DXYLong
by tfoley472541
1
GDX GOLD MINER may bottom@24 or 21 zone to retest channel.GDX seems to be doing a BIG UPCHANNEL started from the 2016 low & retested at the 2018 low. If this lower channel is to be retested, GDX may bottom at the 24 green zone. This is the most probable since this is also the 2016 VWAP & the FIB 0.618 retracement from 2016 low. However, if you look at the VOLUME PROFILE, then GDX may fall more to the 21 zone to create a divergence, ending wave 1 of wave III. BULLISH longterm: Gold & gold miners will be a good hedge during rising inflation or recession. Every portfolio should have this insurance policy & some other defensives like XLV health, XLP staples & XLU utilities. TLT bonds will also rise during recession while US10Y rates go down in a deflationary environment. GDX may be just in the early stages of the longest wave III rally & has a long way to go. GDXJ Junior miners fell a lot more so I think percentage wise it will have to rise more just like today. Miners tend to be the leading indicator for GOLD. Gold may fall more to the 1670 to 1760 zone. Gold recovering 1800 will be very bullish while GDX reclaiming 30.37 wave 1 top & previous neckline pivot will also be bullish. Not trading advice.
AMEX:GDXLong
by xtremerider8
GDX: GDXcellent!GDX has proceeded to follow our primary scenario and has reached the support line at $28.83 by now. Next, it should drop below this mark and into the magenta zone between $27.49 and $19.52 to finish wave ii in magenta. Afterwards, the ETF should focus upwards, rise back above $28.83 and even further above the resistance at $40.13. However, there is a 30% chance that GDX could fail to turn within the magenta zone and could fall below the support line at $16.18 instead, thus continuing the descent.
AMEX:GDX
by MarketIntel
GDX weakness and bullish failurePrevious analysis appeared bullish, but the price movements in the last two weeks since failed. The weekly chart instead of following through with the bullish indications, reversed into a weekly gap down and further down for the next week. Weekly technicals are weak and suggest some bearishness. A clear failure for the GDX ETF to break above the weekly 55EMA. The daily chart shows how the weekly gap down developed, starting with a gap down that broke down of the gap range. This range was tested and failed for more downside in the following week. finding support at 29. The technical indicators are bearish indicative, and downside target is currently 27.60. Bearish breakdown in the works!
AMEX:GDXShort
by Auguraltrader
Parabolic Setup on the Mining JuniorsThis is a very asymmetric trade setup with nearly blue skies to 100 if it can catch some momentum in the coming sessions. We also have a nice little fractal that shows us the path upward, should we break 49. I would not front-run this one and would wait for 50+ daily close before a serious entry. With this level of confirmation in pocket, I'll be taking a rather aggressive stance. Its a clear magnet-move to 100 - if for no other reason than it being one of the only decent plays available. =PigMagnet AMEX:GDXJ TVC:GOLD TVC:SILVER MCX:GOLD1! MCX:SILVER1! ASX:GOLD AMEX:GDX NYSE:GOLD
AMEX:GDXJLong
by UnknownUnicorn5511258
23
Gold Miners ETF, GDX bullish potentialThe weekly chart closed the week nice candle that had a long bottom tail, albeit a red candle, but bullish indication here. The daily chart had GDX gap down on Friday's opening, then rally hard to close a bullish engulfing, spanning across a resistance zone. This can form the higher low point later next week. Indicators are not yet bullish, but candlesticks are suggesting the end of the massive retracement with bullish signs and patterns.
AMEX:GDXLong
by Auguraltrader
The Gold Odyssey - retracement done AS previously described, Gold was in a deep retracement, and it appears that this week, the retracement is done. Weekly chart shows a reversal candlestick pattern over the past three weeks, finding the week's close at a resistance level. Look for a breakout in the coming weeks, as Gold closed above the weekly 55EMA this past week. Do note that previous mapping of the handle (Cup & Handle formation) it shifted forward; and 2080 high is expected to be broken around November 2022. The daily chart show a higher low, and technicals are turning bullish. The retracement was nicely above 1800, and has a potential 20% upside to 2080. Possible for consolidation to near 1800-1820, and would be looking for clarity in the coming weeks. Meanwhile, would be good for the USD to ease off a little. hehe. Stay safe and well...
COMEX:GC1!
by Auguraltrader