Not looking great for the gold bulls after $2,800 late 2024-2025. Might not even break past $2,400 TBH
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....
It’s springtime and GDX is working on wave B in green in its green garden between $30.01 and $32.58. Soon the ETF should harvest the respective high, which could be settled anytime. Afterward, the course should turn and leave the garden on the southern side to expand wave ii in orange. This downwards movement should end well before the support at $21.52, though,...
GDX seems to have woken up and is showing its high spirits by climbing upwards. We now consider wave ii in magenta to be finished, and thus expect the ETF to continue its way above the resistance at $28.83. Once there, GDX should gain even more upwards momentum to rise above the next mark at $40.13 as well. We should still keep in mind our alternative scenario,...
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...
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...
This is GDX’s motto only literally because its descent from the blue zone between $43.86 and $39.30 was far from unexpected and indeed completely in accordance with our primary scenario. After completing wave (b) in blue in the blue zone, GDX has established itself on its way downwards, and we expect it to continue this trend into the magenta zone between $27.49...
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...
The GDX, which is an ETF comprised of precious metals mining shares appears to be topping with a head and shoulders pattern when compared to the DOW. Basically when this ratio reduces the GDX becomes more valuable when compared to the DOW Jones Industrial average and broader stock market. This ratio appears to be trapped in the undervalued zone (for the GDX) and...
The GDX ist moving downwards again, which is the primary direction we are expecting this market to develop. With this turnaround, an alternative surge is now neutralized and we now need to wait for the course to reach the area around $22.51, where we expect the next turnarund - but this time to aim for rising prices. It remains important here that the course does...
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We now have a clear 5 wave down look for rally MIN 36 IF BEARISH TREND IINTACT OR above 37.8 then we go much higher
RSI above 50, MACD still with a positive upward slope, as well as a rising histogram. Runaway gap from Yesterday made with a big volume spike and wasn't tested nor covered. An eventual test of the gap would be an additional bullish confirmation, but depending on gold's price that may be skipped.
If there was any doubt that the gold miners are not about to start a new bull market, that doubt has been squashed by Berkshire Hathaway buying some Barrack Gold. Before this news I was expecting the GDX to go as low as $32 in this corrective move, but the cats out the bag and I’m sure bigger players will start entering into this space in the coming weeks/months...
GDX like gold is looking to break out to the moon, but is that party going to be put on hold for now? Both Gold and the GDX are showing some bearish divergence (shown in chart), they are moving higher in price on lower momentum. In fact most indexes are showing this, not just the gold market. We are going to need a lot of rocket fuel to get to $47 for GDX and...
I'm only in this for a small play but I did not want today to happen. I'm still short GDX but from the dotted line you can see where I will exit the trade.
We can see from this chart that price is ready to drop! It has hit a key level of support and bounced off, it has tested this area several times before going higher each time. The last time this level was broken it was a freefall to the bottom.. The next time the drop may be even greater!! Get the sell stops in!