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VanEck Gold Miners ETF

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GDX trade ideas

GDX consolidating to downside biasQuick update that previous attempt for GDX to rally up was pre-mature. Still not yet in a bull trend. Weekly chart had a break out above 55EMA fail in the last couple of weeks, only to bounce off a support. Technicals not totally aligned so may consolidate for a couple more weeks before some clarity forms. Daily chart (right panel) shows the failed attempt, which now has a clear resistance line (lime green). Last week ended with a failure type downward candlestick, suggesting weakness in a rally. Technicals appear somewhat bullish, in contrast to weekly chart. Expecting some consolidation, with a little downside bias within range.
AMEX:GDX
by Auguraltrader
Miners Rise and FallHello everyone, I am predicting a rise and very likely big fall of the gold miners. Seasonally the last 3 years the precious metals space has risen into the end of the year and peaking in early January. I do not expect any different this year with Powell recently coming out at the last FOMC meeting and saying 3 rate hikes in 2022. But what about all the money printing and historically low real yields you say? Well that just doesn't matter to the market right now with the broader market moving higher and dancing until the music stops. Precious metals won't be making fresh 5 year highs until a substantial market selloff, and even then miners will most likely fall with the market however brief it may be. Or on the first rate hike next year if miners and metals are shorted heavily because of the Fed narrative there could be a massive short covering rally similar to what we saw in January to August of 2016. This is just my opinion not trading advice do your own DD. Good luck traders and happy holidays!
AMEX:GDX
by Adven_Rader
Elliott Wave View: GDX Starts New Bullish CycleShort Term Elliott Wave view on GDX suggests cycle from October 4, 2021 low is in progress as a 5 waves impulse Elliott Wave structure. Up from October 4 low, wave (1) ended at 33.95 and pullback in wave (2) ended at 30.96. The ETF then extended higher and broke above wave (1), suggesting wave (3) has started. Up from wave (2) low, wave ((i)) ended at 32.69 and pullback in wave ((ii)) ended at 31.65. The ETF then extends higher in wave ((iii)) with internal subdivision as another impulse in lesser degree. Up from wave ((ii)) low, wave (i) ended at 33.15 and wave (ii) ended at 32.57. Wave (iii) ended at 34.83, wave (iv) ended at 34.21, and wave (v) of ((iii)) ended at 35.01. Pullback in wave ((iv)) ended at 34.47. Near term, while dips stay above 30.96, expect the ETF to extend higher in wave ((v)). This move should also end wave 1 in higher degree and complete cycle from November 3 low. Afterwards, GDX should pullback in wave 2 to correct cycle from November 3 low in 3, 7, or 11 swing before the rally resumes. Potential target higher is 100% – 161.8% fibonacci extension from October 4 low towards 36.17 – 39.37. Near term, as far as pivot at 30.96 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.
AMEX:GDX
by Elliottwave-Forecast
1
Will Jerome Powell Bury Gold Miners?The VanEck Gold Miners ETF has had a countertrend rally this month, rebounding from a 17-month low. But now could be the time sellers return. The first pattern on today’s chart is the $33.25 price zone. GDX bounced at this level in November and July. It marked the high in early September and seems to be resistance again this week. Next, stochastic has been in an overbought condition. This reading also marked tops in May, August and September. Third, consider upcoming events like the Federal Reserve meeting and non-farm payrolls next week. Those could potentially boost interest rates and the U.S. dollar, which may be negative for precious metals. Finally GDX is forming an inside week, a potential sign of its recent bounce slowing. This pattern also occurred at tops in August 2020 and May 2021. (See below.) TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
AMEX:GDXShort
by TradeStation