Potential bottom @ $31-32 before continuation of bullish trendIf move resembles earlier setup in bull trend, expect near term bottom around $31-32.
GDX trade ideas
GDX short as shown in the chart we have h&s pattern, tomorrow if break the Nike line we see a big drop in the gold.
enjoy
Gold miners measured move price target achieved!Gold miners measured move price target achieved! Short position with risk defined accordingly.
Great time to get back on the gold mine trainJump in because it crossed the 20 today. With any luck it will ride the 9 and the 9 will continue to pull away from the 20.
Buying GDX calls in May.If price returns to March's high, then I'll begin looking to purchase call options as close to 29.50 or 30.00 strikes as possible. These calls with have an expiration of June 1.
🚀Will Q2 earnings give the GDX the fuel to rocket?Gold mining stocks have a reputation on promising to deliver big but failing (see 2009-2011).
I’ve been following the GDX since 2016 when I first started buying gold miners, and up until 2020, nothing really happened.
The miners were in a bear market for 8 years and could not breach the $30 resistance, until April 2020.
Does this signal the start of a new bull market, or will the gods have their way and bring us hodlers back to reality?
To get this party started, we will need the GDX to clear $37 decisively, we did hit that area in May but sharply pulled back to the $32 area.
Until we break the $37, we could expect to range between $37-$30.
What will cause the GDX to move higher?
The only thing we can expect to move the GDX higher is the price of gold. if gold can stay above $1700, and oil prices maintain their current price levels for a few more months, the fundamentals for gold miners will look even better.
Oil is a major cost of production for miners, so cheap oil means more profits!
It will be interesting to see their Q2 earnings, if they can impress with earnings when most other sectors are going to show slow growth, that could build buying momentum and attract new money.
If gold prices break to the downside, that will most likely send GDX below $30 and result in a fake-out to what we are seeing.
Looking at the RSI, we can see that momentum is building and even touched the oversold. To me this is a good indicator of a new bull market forming, but I'd like another confirmation in breaking the $37 price.
I don’t see fresh money coming into this sector as we do with Tech stocks, retail investors want to hold stocks that are sexy and gold miners aren’t that.
For that reason, we will need to rely on gold staying above $1,700, good earnings in Q2 and cheap oil.
I have posted my macro views on gold, Bitcoin and the S&P500 this month, please take a look at my trading ideas and give me a follow. My goal is to provide macro views on marketing taking into consideration market news, not solely relying on TA.
Support at 33.54? Part 2The more I think about it... The more I'm feeling good about the UP trend. That, of course, makes me nervous.
Support at 33.54? Yes is my 2 cents. Rally from here?With the world gone mad it's hard to have faith in any indicators. So, full disclosure, I'm going with more guy-feeling than usual. The broader market is over-bought, gold is over-sold. Tale of the tape. Today and tomorrow will tell
GDXStoch energy patterns to watch for, it needs to cycle the energy. works both ways as marked. Energy dictates price.
Perfect backtest of GDX long term resistance adds fuel to minersBacktest of the GDX long term trendline has occurred at approx 32.5. It has held up till now which confirms the bullish uptrend in the miners and will add a lot of fuel to the next leg higher. However if it does not close thise week above 32.5, expect miners to head much lower. I do not think this will be the case.
Topping looking for weekly higher lowWe are finally getting a top on gdx, lines up with Gold top. As I have stated before this is a raging bull market this weakness will be a buying opportunity. My GDX target is $100 within 2-3 years but in the short term looking for a higher low above 19.64
Unless it reverses todayI think GDX entered a bigger pull back. First look for 31 ish. Short term bearish.
GDX Volume Spread AnalysisAMEX:GDX
looking at lower demand during rally due to a lack of volume, showing that smart money is not interested in propping the market up in the shorter term. as prices approach key supply zone.
1)Possible consolidation and profit taking happening
2)Renewed strength to break out of that level
For now just no action and observing the market.
Sell GDX below 35.40 target 34.84 and 33.75Sell GDX below 35.40 target 34.84 and 33.75 as it showing short term topping pattern.. GDX forming head and shoulder pattern on 4H chart.. stop loss need to be kept at 35.90..
GDXstoch showing it wants to cycle lower, losing energy and cci pinching, gold miners bullish percent still at 92% , over bought.
