GDX trade ideas
GDX - looking for 23.50 zone for potential base/launch areaGDX
Looks like need a bit more downside to maybe 23.50 area (c=a in a wave 2 of C)
Before we can base and go higher in a 3rd wave of C
Fundamentals improving - Prices falling anyway = OpportunityIn the short run price action/trend is bearish. We have broken bullish reversed it all and broken below key support. Oil fell through the floor which is good news for Gold Miners because it significantly lowers their cost to mine, oil is way cheaper than in 2016 when GDX peaked at $31 an ounce, simultaneously gold is up around $200 an ounce from 2016 highs. Oil falling = lower cost + Gold rising = higher revenue = bigger net income, dividends and good news for miners. With that being said GDX is falling which is great for us because we understand what the central banks are doing and that Gold/Silver are going through the ceiling. Remember in 2008 GDX fell from $56 to $17 then rose from $17 to $67 that was near the end of the 13 year Gold bull market. But now we are only 4 years in to the Gold bull market up as much as 70% since $1000. All problems in 08 are bigger now.
Gold Miners DislocationI have no idea why Gold Miners are being destroyed right now. They should not be highly impacted by Corona Virus. Oil prices are low( low costs for extraction ). Gold prices are high( high profits and dividends ) and on an upward trajectory with central banks printing money. I fully expect gold miners to pop violently once the dust settles in this broad market sell off. Gold Miners are finding themselves as the baby tossed out in the bathwater. Perhaps they are being dragged down by being part of materials sector ETFs? Damn Algos! I wish the SEC would look into Algo trading price manipulation. But hey, it's creating an opportunity for you to get gold miners on the cheap.
$GDX Clean structure. Hard resistance. Risk of HandlesOne of the cleanest looking charts rn.
The real beauty in my opinion.
$GDX almost at target, perhaps Monday peak?This corrective rally may put in one final push up to complete the ascending wedge at point (E), which aligns perfectly with the supply (red line) that should push $GDX down out of the wedge and start (C) leg down of the sell off targeting a lower low
Gold ETF Ready To PopUp against resistance, and ready to break through with a bullish RSI an 10/50 ema crossover, and a bullish macd crossover. Notice it's not far from another ATH. Looking for that blue sky breakout :)
I like the miners and the things they mineminers have re-entered my "I'm interested" zone. I think 2020-2021 has very good things ahead for the miners and the things they mine exciting $nugt $dust $gdx $gdxj $jnug $jdst sorry for the ugly chart
Gold Miners Buying OpportunityDespite only a 4% selloff we had a 20% drop in Gold Miners what a gift, based on margin calls. The price action on daily charts is already bullish again. Expecting Cup and Handle to play out.
GDX - support zone3/1/20. GDX 4 hour charts
I issued a warning on 2/23/20 of Risk v Reward. At the Friday low, GDX was down a bit more than 20% and NUGT was down a bit more than 50%. I FEEL for all those people who jumped in at the last leg and getting burned but that's how it usually out. Identifying Risk vs Reward and Resistance zone vs Support zone is important.
$GDX Bearish signals will drive it down to 22.8 SHORTExtreme bearish indicators supported with bearish candlesticks targeting filling Jun-Gap or 0.62% fib retracemnet
GDX - 3 day chartGDX 3 day chart 2/23/20
GDX is nearing a resistance zone. If GDX stops around 32 - 33 area and pulls back to the support zone then I will likely view GDX has a bull market to look forward to for a long term but if GDX extends to the red line around mid 36 area, then pulls back hard, I would view it bearish for GDX. Until now, it's been a fairly easy ride but it's time to buckle up.
GDX - Support at Control Line?As a follow up to my many GDX posts, it was rejected hard at the 2016 high around 32 and looks to be trading around the low 27's this morning. The selloff is similar to that of 2016 and there is plenty of room to drop into the next channel as GDX looks to find support and build a base. It's counterpart NUGT is around 27 as well with a similar chart having fallen from 43 just a few days ago. Selling seems exacerbated. Not sure what the next move is from here but sidelined myself earlier in the week and waiting for a good opportunity to re-enter. Own DUST until I can pick a spot to go long.
Oh my. Is this all or more to comeHard to play knife catching at this moment. Let's see how it evolves.
Bouncing OFF The 50 SMAThe 50 day moving average has been this gold ETF's moving average for 3 months; looks like a good entry if it closes above the bounce.
$GDX #Gold miners lagging $XAUUSD by 20% $NUGT $DUST $GLD $JNUGToday's GDX selloff is likely due to an antecipation of a V shaped recovery in the markets.
Definitely has decent downsize risk hereBut I would use 30.5 as the trigger for short term long play. Like the doji on the key line.
Gold Miners Try to Bounce at Old HighGold miners are the classic "safe haven" sector. Not surprisingly, they've moved higher as coronavirus drives pretty much everything else lower.
Market Vectors Gold Miner ETF is the go-to instrument for most traders, with deep liquidity and very heavy options volume. (GDX averages about 140,000 contracts a day, more than triple the runner-up, Barrick Gold , according to TradeStation data.)
GDX has had some interesting patterns on both its weekly and daily charts. On the weekly, it formed an inside candle the week ended February 14, followed by a breakout. That means volatility calmed as prices squeezed, but then it started moving again.
GDX quickly spiked to a seven-year high of $31.84 before pulling back to test the early-January highs $29.70. If this level holds, it would mean old resistance is new support -- another bullish signal.
Remember that GDX rallied hard between last May and August (after years of going nowhere). It then spent six months digesting those moves. The current price action could signal the consolidation is complete and now a continuation to the upside may be expected next.
Elliott Wave View : GDX Looking to Extend HigherShort term Elliott wave view in GDX ETF suggests the rally from January 14, 2020 low in wave (3) has ended at 31.98 high. The cycle unfolded as a 5 waves impulse Elliott Wave structure. Up from January 14 low, wave ((i)) ended at 28.67 and pullback in wave ((ii)) ended at 27.92. The ETF resumed higher in wave ((iii)) which ended at 30.10. After that, wave ((iv)) pullback ended at 29.50 and the final leg wave ((v)) of C ended at 31.98.
Currently, the ETF is correcting that cycle in wave (4). The correction is unfolding as a zig-zag. Wave A of (4) has ended at 30.41 and subdivides in lesser degree 5 waves. Wave ((i)) of A ended at 31.10 and wave ((ii)) ended at 31.74. The ETF then continued lower in wave ((iii)), which ended at 30.66. Then, the bounce in wave ((iv)) ended at 31.14. The push lower in wave ((v)) ended at 30.41. From there, the ETF then bounced in wave B, which ended at 31.16. Potential area to end wave C of (4)) is 100% – 161.8% Fibonacci extension from February 24 high which comes at 28.64 – 29.60 area. From this area, GDX can then extend higher or at least bounce in 3 waves.
