GDX trade ideas
Death Cross in Gold Miners as Bitcoin DoublesWe cited the bullish potential in gold prices late last year. This played out as expected, but there hasn’t been any follow-through. Now some bearish patterns are taking hold.
This chart shows the downward trend line in the Market Vectors Gold Miners ETF. Notice how the latest rally tried and failed to push above it.
Next is the rising channel in place since late November as GDX clung to the 200-day simple moving average (SMA). That pattern is starting to look like a bearish flag, with the potential for a breakdown if the late-December lows give way.
Third, notice how the 50-day SMA just slid below the 200-day SMA. That’s a bearish “death cross” pattern.
Even more things are happening off the chart than on it. After all, the U.S. dollar feel steadily in November and December. Gold’s inability to rally with that favorable backdrop is potentially bearish.
Next, the greenback is showing signs of bottoming. If it were to keep bouncing, that could also hurt gold.
Finally, Bitcoin doubled in price between December 15 and January 8 as GDX did nothing. BTC’s relative strength, combined with the drumbeat of institutional adoption, suggests a real sea change is taking place before our eyes. The next few months could be important in the history of money!
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Looks like up for the rest of the weekPrice and rsi trends have hit the bottom channel. Should move up to the top now. Could also accumulate along the bottom trendline for a few days before moving to the top.
GDX resumes its original pathA month ago, the GDX gapped up above the 55EMA to break a downtrending cycle. But it was not sustainable, as previously observed.
This week saw the concomitant plummet, alongside Gold, which closed the previous Gap Up with a Gap Down, bringing the week closure below the 55EMA. This is a failed breakout.
Technicals support this bearish turn of events, with the MACD and the Price Momentum crossing down.
The drivers for this downside move have been described previously...
Target 32-33 in Feb 2021.
GDX ready to push up?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.
GDX DiamondFib hasn't been touched again. Maybe a double tap!.
-Gap at 50 fib $30.56? I doubt it...
-maybe in insolvency crisis/big market poopy times
-OR the flightless turkeys in this ETF pull down the falcons.
-watch indicators, mainly rsi and macd, after a divergence they tend to move with the candles
Diamonds reflect and refract light within........ Down, bounce, sideways, bounce, UP and out!
A nice juicy left turn, unless those damn turkeys turn into the falconer.
if not a matter of ifStill a firm believer in this massive bull flag... 2021 will tell the tale. Happy New Year
GOLD MINERS GDX bearish tonesPlease see Chart... recent minor failures hint of bearish tones, and technicals are crossing down.
Overall, the equity markets are pushing higher on air and expecting a serious pullback soon, after a surprise trigger.
Gold prices are not moving despite USD weakening... this is bad for Gold, and Gold Miners particularly.
Once the USD jumps, and Gold drops, then the Gold Miners will be in double jeopardy.
I like GDX, but it is reeking of danger right now. I would be very wary IMHO...
MINERS ARE BE(NG SHORTED TO KEEP GOLD SUPPRESSEDBIG MOVE UP COULD BE INCOMING, I THINK this could drop another $3-5 but I don't wanna miss a huge move.
GDX - ready to break out ?GDX is bullish against the last low. Same for GDXJ.
There's no sure thing - you trade what's in front of you.
