GOLD BUYPeace be upon you, there is a high possibility for the rise of gold with the breach of the bearish flag with a positive candle that confirms the strong entry of buyers
Goldminers
Gold Idea 2023Gold will have some weakness in the coming weeks, however it should find support around $1830/oz.
I would imagine the price will hover around this area for another couple of months, until a final breakout towards the end of the year.
The false breakdown we have just witnessed is incredibly bullish and therefore I am extremely long.
SELL XauUsd Now With high probability !Welcome Back. Please support this idea with LIKE if you find it useful. *** Dont Forget your risk managment .
SeLL XauUsd Now With high probability !!
Strong assays; Falling Wedge breakout; bullish GoldEndurance Reports Results at Southeast Eagle - 139.9m of 3.05gpt Au including 12.9m of 12.85gpt Au & 11.8m of 6.21gpt Au
Vancouver, British Columbia--(Newsfile Corp. - January 12, 2023) - Endurance Gold Corporation (TSXV: EDG) (OTC Pink: ENDGF) (FSE: 3EG) (the "Company") is pleased to report assay results from the 2022 diamond drilling program at its Reliance Gold Property (the "Property") in southern British Columbia. The road accessible property is located 4 kilometres ("km") east of the village of Gold Bridge, and 10 km north of the historic Bralorne-Pioneer Gold Mining Camp which has produced over 4 million ounces of gold. During the 2022 field season, the Company completed thirty-eight (38) diamond drill holes for 8,274 metres ("m") and thirty-three (33) reverse-circulation drill holes for 2,455 m.
GDX coiling againIt has been a while since it would be even worth to look into GDX, and I think it is about time... still early, but good to plan ahead and see if it is working out as projected.
GDX (Gold miners) mounted a good recovery but stalled on a trend line and retracement is likely to see 27, else 25.
The technical indicators (MACD and VolDiv) are turning bullish, but not just ripe yet. Expecting a higher low about 25-27 (red ellipse is the optimistic target; also the 62% retracement level) in early to mid January 2023. Bouncing off the 23-week EMA would be a good indicator that the projection is in line.
So... being optimistic for a comeback, but until the pullback is apparent, sitting on my hands first.
Happy Boxing Day!
Barrick Gold - a Steal at This LevelSome years ago, I was in between putting a big position on in SLV or GOLD (formerly ABX) at the $17 level. Both were equally priced. Barrick far outpaced SLV into the forthcoming rally and I regretted not buying it at $17. At $14 - 15 this week, I opened a long position. One thing I read and liked is that future Barrick dividends will include participatory profits. I hope the "profit sharing" concept (also in PXD) catches on. GOLD will rise as dividends increase.
GDX - Going Down Xtrenuously (pun intended)The gold miners ETF, GDX, just points to a very very rough time.
With the interest rates escalating rapidly, the USD rising swiftly, the equity markets weakening, and gold prices crumbling... it is a perfect storm for GDX thrashing.
The weekly chart had a tombstone doji the previous week as it failed the Hull EHMA, and the past week confirmed the trend reversal down. The weekly technical indicators are weak and bearish looking so not much to go on here.
The daily chart shows a recent breakdown from a failed 55EMA test. and on Friday, ended with a bearish marubozu, closing near the weekly low. The technical indicators are significantly suggestive... the MACD had actually wasted a long bullish divergence and failed to mount a very decent rally. This failure would have a doubling opposing effect, and the daily MACD has actually crossed down into the bear territory.
Taken together, projections set a downside target of 17, about the end of November 2022.
A very tough time for GDX (unless you are short)
Newmont: 2x potential outlier basing @2009 channel+ Cup NeckNewmont gold miner, after more than doubled from a 2016 Cup & Handle formation, came back down to retest the neckline at around 40. As you can see in the chart, it reached the top of the 2009 channel near 85 on
April 2022 & went vertically down to retest the channel base near 40, with the usual chopping near the mid channel dotted blue line.
Very bullish cases: target levels are 50 (previous strong support), 60 (projected ma200 zone) & 70 (projected channel median line)
It has been basing for 7 weeks holding 40
Basing around the 2009 lower channel
Retested successfully 2016 Cup & Handle neck@40
Slight Rsi divergence
Macd holding above zero
Made higher high & higher low
About to cross daily dma50 to regain channel
WARNING: with GDX & GDXJ gold miners looking very bearish at this point, I MAY BE WRONG! So watch carefully the 40 zone as it is the line in the sand.
Not trading advice
GDXJ: Shilly-shally…GDXJ is still hesitant to finally complete wave ii in magenta and is turning downwards again. As it can, of course, use the whole magenta colored zone between $37.26 and $24.77 to finish the overarching downwards movement, we give the ETF some more time to get its work done. However, as soon as wave ii in magenta is through, GDXJ should veer to the north, crossing the resistance at $36.58 and heading for the next at $51.92 from there. A 40% chance remains, though, that GDXJ could break through the magenta colored zone and drop below the support at $19.52, thus triggering further descent.
GDXU leveraged gold miner ETF LONG SETUPAMEX:GDXU
As illustrated on the one-hour chart GDXU has reversed a downtrend as indicated
by the EMA crossover and so on. Support and Resistance lines are shown.
Price is well below the SMA200 and thus undervalued as compared with historical data.
I see this as an upside 30 % long setup with reasonable risk. Once the trade
progresses perhaps 10-12% in price rise, the stop loss can be moved up to
break even. This can be approached with intermediate-term call options
as well. Targets and stop loss are marked out.
GDX gold miner ETF setting up LONGAMEX:GDX
Based on the 4H chart as well as the price action of spot gold
using an EMA ribbon cross-over as well as the volume profile,
I have set up a long trade with two upside targets of about
10 and 20 % upside respectively with a stop loss of about
4% which would be adjusted as soon as the price rises above
$ 27 to move the stop loss to the entry price making for
a breakeven free trade after that. Overall, spot gold
is sitting on support with a bullish RSI divergent pattern.
I also see GDX as a candidate for the intermediate term
call options out of the money about 15% above the current
price being between the two targets.
Barrick: To the Beach ⛱The bears have grabbed Barrick and are dragging it along southwards to the warm and sandy beach strip between $11.97 and $6.32, which is seated picturesquely below the support at $12.65. Once there, though, there’s not too much time to relax but also work to be done: Barrick should finish the long-term corrective movement in the form of wave (2) in yellow. Afterwards, the bulls should take over so enthusiastically that the beach sand is swirled up and push Barrick northwards. However, there is a 35% chance that the bulls could intervene earlier already and shove Barrick above the resistance at $26.07, thus eliciting further ascent above the next mark at $31.22.
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
Ultra low market cap high grade Gold juniorMGI reported high grade Gold intercepts of 3.47 m of 13.90 g/t and 9.30 m of 4.51 g/t and appears to be mispriced at $1.8M market cap. Comparables trade at multiples more.
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.
GDX recoveringQuick note that the GDX is finally recovering.
After about 8 weeks, and a consolidation range, the GDX appears to be recovering with a nice gap up on the weekly chart. Technical indicators are turning up, and the daily chart would be testing the 55EMA soon...
29 appears to be a very strong resistance to break.
XAUWeekly chart analysis shows that we are in a bit of no mans land here. Weekly support here on WEMA 200, but if my analysis is correct W2 should actually drop to $1,370.00 Before starting the next leg higher.
So left to be seen I guess. either way $3,000 plus is soon on the way IMO.
Newmont Corp. stock analysis: Has NEM bottomed out?Newmont ( NEM ) stock prices have been falling precipitously, halving in value from highs of $86 in mid-April, due to lower gold prices and rising input costs weighing on the company's earnings.
On July 25, following the release of the disappointing second-quarter results, with EPS down to 0.46 (-30% lower than expected), the world's largest gold miner fell to a year-to-date low of $44.
Since then, however, NEM appears to have formed a very solid support at $44, which has not been broken downwards, indicating that the sellers’ strength may have faded.
NEM could have bottomed out here, but it has yet to gain traction, as prices have consolidated in a tight range between $44 and $47 over the past two weeks.
The RSI is still in oversold territory (26) but is rising slightly. Instead, the MACD provides a bullish crossover signal as the MACD line crossed from below to above the signal line.
If we are on the verge of a new bull trend, the first hurdle to overcome is undoubtedly the psychological level of $50, which served as support prior to July 25th. A breach of this level would also lead to a breakout of the 2022 bearish trendline and encourage a test of $54.04 (the 23.6% Fibonacci retracement level from April 2022 high to July 2022 low). Alternatively, if there is a fresh round of pessimism, the market may retest the $41-41.7 level that served as support in March and April of 2020.
Analysis written by Piero Cingari, forex and commodity analyst at Capital.com
Short Newmont mining? Price to fall below $65.Just like many of the other commodities, Newmont mining looks overextended and is starting to turn over.
Because of how quickly it ran, I think we're likely to see a violent snap back in price back to the February lows.
I can see price going to the $60 range before continuing up and/or retesting these highs as resistance.
GDXJ: Excellent!GDXJ is still acting squarely in accordance with our expectations and has advanced into the magenta zone between $37.26 and $24.77, where it should soon finish wave ii in magenta. Afterwards, GDXJ should turn upwards, crossing $36.58 and heading for the resistance at $51.92. There remains a 30% chance, though, that the ETF could fall through the magenta zone and below the support at $19.52, thus activating further descent.
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.
Barrick Gold: Keep It Up, Bears! 🐻Down it goes! Just as we expected, the bears are in high gear and have proceeded to carry Barrick downwards. Soon, they should reach the support at $13.01 and lead the price below this mark. However, there still remains a 35% chance that Barrick could escape the bears’ paws and rise above the resistance at $24.95, thus activating further ascent above the next ones at $29.59 and $31.22.
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!
