GDX false breakdownLike this negating a bearish pattern. Will add in the next few days, if the market give me the chances. Otherwise wait until channel breakout.
GDX trade ideas
Senior Gold Miner's Daily Renko Log ChartMeasured moves with 2 different techniques yields a 73.50$ target.
Let's see how confluence or support helps the turn around upwards.
GDX... still in bear modeGDX... no change in trajectory - bearish.
Previously, called and exited near the top in August 2020 and expected this bearish tones.
Noted BRB Buy Signal triggered as well as the RPM attemping to turn bullish.
Otherwise, MACD is clearly heading down and GDX gapped down to break two support levels in one candle.
More downside seen, at least to 30. possible maximum stretch to 26.
Add some Gold Mining stocks to your listA powerful upside move is just moments away. Easy to spot this as we could see higher lows and price staying above the 200-day moving average over long period of time (don't actually need any other indicators. $130 (3x) upside is just conservative if you plan to hold this for 6-12 months. I am adding this ETF to my portfolio.
Set your buys lowerI think in order to refuel a market wide correction will occur bringing all assets lower and cash higher.
This is a perfect time to load up on gold miners and gold for a q2-q3 rally to ATH.
OPENING (IRA): GDX FEBRUARY 19TH 33 SHORT PUT... for a .42/contract credit.
Notes: I have a smidge of SLV and GLD on, but didn't want to add to my GLD due to its crappy 30-day, and SLV drives me nuts somewhat with its lack of strike to strike granularity, so hitting the miners with a small position with a 30-day at 43.9% and its expiry-specific at 42.7%. 1.29% ROC at max; 10.5% annualized.
Gold Miners vs Gold Ratio on monthly chartLooks like the miners weakness is weakening... wait.. does that makes sense?
GDX Next 37.58, 39.2GDX next potentail resistance 37.58 & 39.2. Its signal line is nearing to cross MACD line.
GDX - Miners are Ready to Rock and RollGDX - Miners are Ready to Rock and Roll
Keeping this short and simple
Daily/Weekly Set-up
Entry on Pre-market Gap-up or 32.25 double bottom if we drop (which i doubt)
1st Target = 38
2nd Target = 42
Hodl target = 45+
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This content is for informational, educational and entertainment purposes only. This is not in any way, shape or form financial or trading advice.
Good luck, happy trading and stay chill,
2degreez
$GDX .. Bullflag hereJust like GLD .. GDX is in bullflag mode.. Holding this key level nicely .
GDX likes to start rolling before GLD usually .. keep some individual slow floaters in GDX etf on your radar !
GDX PLUMMETCall me crazy but, I don't give a <3.
The miners don't lie. Bearish Head and Shoulders formation. That is top if I ever seen one. 26 is the minimum lower target. 20 is the target I would like to see. At 12- 16 I will take out a loan to invest in GDX.
The economy is not in good shape as demonstrated by GDX acting weird and very bearish. It is well known GDX is a "proxy of liquidity". We see a very illiquid market upon us as, demonstrated by WSBets and GME. An illiquid market that starts to break down will summon another event like March. If we see the VIX get much higher there will be a crazy deleveraging and fleet to cash. Most Algos take in an input of the VIX. So as, the Vix reaches higher and higher price levels selling of risk assets occurs. The VIX looks like it is cooling off at a big move this week but, its just gaining more "power" or "potential energy". As, GDX moves down Gold and Silver will follow.
**I like to analysis the fundamentals, investing > trading ... look at the amount of wealthy investors vs. traders. excluding quant traders. My strategy is Buy Low Sell High. I think the market can bubble up for 1-3 months then have a blow off top with the amount of retail buying. As you can see, I am looking at a 10 year chart. I don't know the exact timing but, its coming that's for sure and all fundamental signs are pointing to it. I am not trying to instill fear just, acknowledging its existence.
Full Disclosure: I have been short GDX since October. Long Bonds, Long VIX, Still holding stocks waiting for a last leg up, I will exit stocks near end of February.
GDX- Miners Reaching Lower?A break of the inclining support originating from Jan 2016 may trigger some selling pressure as it would complete a Head and Shoulders pattern. This may be an inverse expression to the IHS forming on the DXY. I'm about 70/30 convinced of this right now. The attached link makes a strong dollar case.
The average distance from head to neck results in a projected 24$ target, with the very base support above 22. If this played out similar to other sell-offs, we could expect the downward pressure to reach 24+ and ease before turning between Feb 1st and Apr 19th. This could be an algo/leverage driven flash sale so we might expect equal violence to the upside later in the summer/fall. (15% chance?)
What is more probably more likely is that the chart will bounce in the 28 range before deciding to follow-through to 24 or, consolidate and ultimately resume an up-trend. (85% chance)
Whether this coincides with a broader market decline remains to be seen, though my suspicions tell me that this week (Jan 25th-30th) will be very telling.
GDX and TIPS and EEM. Inflation factors. Treasury Inflation Protected Bonds and Emerging markets have a history of being high correlated. We see a massive divergence occur in November when TIPS and EEM break away from GDX.
Either ---------
TIPS is moving correctly and GDX is massively undervalued.
or.....
GDX is moving correctly and TIPS is massively overvalued.
---------
Its binary which one do you think it is?
I need to keep the brain steezy so, here is another (fire) Macro Idea.
Miners First To PopJust an Idea and time frame I'm following. Just a guy on the internet, See you all in March!
Short Term
DXY 94+
Gold 1690+
Silver 21+
GDX to Lead Downward
SPY??
NDQ???
Long Term
DXY below 80
Silver 50+
GDX 45+
GOLD 2800+
Going for Gold might be Going Nowhere for NowStrong short-term support level broken on Friday, indicating that further possible downside ahead. Should Friday’s break not turn out to be a false break, could see GDX test previous support level at $32.20.
We also saw the short-term 8-day Moving Average (EMA) break below the longer-term 200-day EMA, which is a clear indication that it might just get a bit darker before it turns bright again. All four the 8-, 21-, 50- and 200-day EMA’s are now point downward, clearly indicating an unhealthy short-term trend.
The 14-day RSI is also not in oversold territory yet, which confirms that more weakness is possible going forward.
I still believe with the amount of stimulus the US is pumping into their economy could have a positive effect for Gold and ultimately the Gold Miners over the longer-term. Patience however will be import over the shorter-term.
I expect GDX to test the $32 levels soon, just to rebound and test $38. Any traders who’s currently long, could watch $32 as a possible stop-loss, with a break below these levels, most probably bring back the mid-20’s into play. A break and close above $38 could be extremely bullish for GLD.
In short – hold for now, while accumulating/buying into further weakness.
GDX's downtrend continues. Perspectives and thoughtsGDX's downtrend has cast a shadow over gold's price and last week we saw a determined continuation of the downtrend for the Vaneck ETF. The ETF's price broke through the support with an average volume of 26.52M for Friday's trading session and buyers made no attempt to by the dip. We've closed with full-body under the support and below the $36 level. In the days before the drop on Friday, we saw some increase in volumes as some selling started to accumulate. RSI remains below the 50 ballast line and MACD has made a bearish crossover. The histogram is below 0.
The perspectives for the ETF remain negative with the overall sentiment leaning towards sell and strong sell. My target for the ETF is $31.35 - $31.25 zone. The rise in bond prices keeps Gold and the corresponding ETF's unattractive at this point.
GDX correcting towards 29.5GDX Breaking down towards historic support at 29.5 USD (61.8 retracement)
GDX continues its original path - DOWN to 30GDX... one of my favouorites, but now is in a major retracement.
Again, three out of four factors are not favourable:
1. USD rising
2. Gold bearish
3. Equities Bearish (or soon to be)
Only Low Interest Rates are favourable.
The weekly chart has a GAP DOWN (ignore the BRB Buy signal for now), and it closed below the weekly 55EMA, which is a significant development.
MACD is crossing down soon in bear territory, and the RPM is pushing down again!
Shifted downside target to 30, mid Feb 2021.
