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Goldminers

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
NYSE:NEMLong
by xtremerider8
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.
AMEX:GDXJ
by MarketIntel
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.
AMEX:GDXULong
by AwesomeAvani
1
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.
AMEX:GDXLong
by AwesomeAvani
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.
NYSE:GOLD
by MarketIntel
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
AMEX:GDXShort
by Auguraltrader
11
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
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
NYSE:NEM
by Capitalcom
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 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
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
GDXJ: Testing the watersAfter jumping down from its last high at the lower edge of the blue zone between $51.27 and $62.63, GDXJ has fallen below the mark at $36.58 to test the waters of the magenta zone between $37.26 and $24.77. We expect it to gather more downward pressure to advance deeper into the magenta zone, where it should finish wave ii in magenta. Then, the ETF should turn around and climb back above $36.58. From there, it should continue the ascent towards the resistance at $51.92. However, there is a 30% chance that GDXJ could break through the magenta zone and subsequently drop below the support at $19.52 instead.
AMEX:GDXJ
by MarketIntel