GDX trade ideas
GDX on watch.The DXY appears to be rolling over and the GDX seems to be building some momentum.
Like it long above the box.
GLD Decending Traingle? Swing and a MissBought on 9/16, broke the wrong way the very next day. Looked like a decent descending triangle. Looked like it was just starting to break above the top trend line.
Can someone hlep me with what I missed?
Seemed like the market was moving into Gold to offset some risk.
Had recently had a decent pullback.
It didn't turn out to be a good time to buy. Market went up, GLD went down. Market went down, GLD went down. SELL
Will the miners offer one more dip?I am wildly bullish on the miners and precious metals over the longer term but I suspect another corrective leg down. GDX has been forming a giant ascending wedge from 2013-2020 and just broke out of that pattern this year. The drop in March was just a small piece of that puzzle that flushed a lot of new & experienced traders out of the trade. I pointed out several times that it was potentially an extremely good buying opportunity. That turned out to be true and the miners have been one of my best trades this year. I'm not an expert on Elliott Wave Theory but I'm seeing what looks like 5 waves up that completed in August. Perhaps now price is still stuck in some type of correction before a much larger move takes place. Take note of the red flag on my lower indicator. There's clearly a trend there and price has not dropped enough to complete another touch. There's no rule that says it must but it's just something to watch. Be patient. Be smart. Do YOUR OWN homework. Follow price. Ignore emotion... and get ready!
the miners are holding up ok -- GDX
Disclaimer, this is only for entertainment and education purposes and doesn't serve by any means as a buy or sell recommendation.
GDX just giving way...Tracking gold, one can buy GDX, the Gold Miners ETF, and the associated specific funds.
Having tracked Gold closely for the past three years, the white arrow marks a rough but a real exit point.
Today the perfect storm is set... and pre-opening shows a gap down type of breakdown.
Previously explained why and how GDX would not be doing well and when it should be doing well. IMHO, This is probably a deep retracement.
Fun times to come!
Here it goes part II.
Mining for Gold: GDX Daily ChartGDX is currently inside of two triangles and nearing the narrow-angle of the triangle. With that said, we are looking for GDX to either break up or break down. i don't know which way it'll turn but will start preparing for a move one way or the other.
Here is what I am seeing:
It looks like GDX is sitting on the edge of triangle 1 and could go lower to the second triangle which offers support at around the 40 to 40.50 range. If support at 40 fails, the next level of support is at 37.75. both of these prices are good buying opportunities.
There is a good chance that there will be a momentary bounce early Monday morning with resistance at around 43 to 43.50. GDX may be able to blast through that resistance and test the previous high at 46. If you are bullish on GDX you may want to consider option spreads on GDX
Watch out for head fakes and look for confirmation on a directional move.
Best wishes are you mine for gold.
GDX - Interesting spot!GDX - miners starting to perk up again. In an interesting spot in the flag. Still some overhead resistance but with a little oomph it should be able to get thru. I was looking for this to trade back down to 38 again before a move up (and even 36) but metals are hanging in there and the miners seem to want to rise too. Could be a huge head fake but don't want to miss out completely if they are ready for next leg up. Macro environment very favorable. Started some long positions again today.
GDX H1: SWING: Accumulation / BUY DIPS 20% gains (SL/TP)(NEW)Why get subbed to to me on Tradingview?
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GDX H1: SWING: Accumulation / BUY DIPS 20% gains (SL/TP)(NEW)
IMPORTANT NOTE: speculative setup. do your own
due dill. use STOP LOSS. don't overleverage.
🔸 Summary and potential trade setup
::: GDX 1hour/candle chart review
::: TP BULLS is 20% gains soon
::: BUY/HOLD SETUP
::: chart looks strong right now
::: strong bottom confirmed with 3 tests
::: expecting more gains after DIP
::: BULLS should focus on buying DIPS
::: September strong month SILVER / GOLD
::: recommended strategy: BUY DIPS
::: near 41.50 best reload BULLS
::: TP BULLS is 20%+ gains
::: if there's a mild dip just buy it
::: BUY/HOLD - swing trade settup
::: SWING trade setup do not expect
::: fast/miracle overnights gains here
::: good luck traders
🔸 Supply/Demand Zones
::: N/A
::: N/A
🔸 Other noteworthy technicals/fundies
::: TD9 /Combo update: N/A
::: Sentiment short-term: pullback/DIPS
::: Sentiment outlook mid-term: BULLS/REVERSAL
[Long] Gold minersFantastic swing low off the 50 dma.
MACD all reset.
GVZ down to 20 handle.
I see intraday relative strength vs SPY. Hope this sector shakes off its correlation with DXY and SPY and starts moving on its own terms.
SAND LGDTF KL EQX WPM WLBMF
GDX correct from here?surprised to see GDX has such a huge divergence on the weekly chart dated back so long.
if you see value in this analysis please give a like. thanks.
LAST MAJOR RALLY IN GOLD STOCKS STARTS NOW The chart posted is that of my top wave structure in gold stocks . this also shoul give the sp the last pop in a 5th wave is now very high . cycles due to peak from aug 25 to sept 10 fucus was 9/4 peak 9/2 into fib targets 3885 to 3618 I still feel that we will 3618 and iwm to run as well. the FED is now in position to lead us in the next wave up
Gold Miners - the cards stacked up against, to fall...It’s done.
With gold being on the retracement, and perhaps a large one at that, the gold miners (ETF, GDX) is under siege and under pressure to retrace hard.
Technically, despite a long tail, GDX clocked a lower low, which broke down of a support line briefly. The MACD is clearly broken down ahead of price.
So, what is the risk?
Plenty... the miners tend to do well under conditions where gold as a commodity is in a bull rally, borrowing rates are low, and particularly, that equities are rallying.
The S&P500 as well as major indices like the Nasdaq leading the downdraft of late, accentuating the risks to the Gold miners.
Given all the factors, it would appear an insurmountable effort for the miners to stage a huge rally out of the technical backdrop. Not that it’s impossible, but it has very low probability.
GDX getting ready for 54.. GDX getting ready for 54.. Bull flag again visible in GDX.... we have been waiting for pattern to form...
stop loss 35 since stop loss is huge... you can also wait for GDX break out of the trend to avoid huge loss or buy near support of the flag...in case it reverses..
