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 trade ideas
$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.
Gold ETF (Long Term Trade Idea)This trade idea goes hand in hand with my previous trade idea of the stock market. Technical analysis is showing signs that the stock market may be nearing the end of its historic bull run. This chart of gold provides further support for this position. Smart money has started taking a more protective position and this is showing in the chart of gold. The second golden cross is a very strong signal that there will be a continuation of strength that could last years. My recommended trade on this ETF would be to buy into a break of the previous peak at $30 for a target of $50-$60.
GDX back at the April 2013 gap down for the 4th time. Nearly back to the April 2013 gap down of 32.20 for the 4th time. Once the gap is filled and moving up price should take out that 2013 drop rather quickly and head to 40 for starters. Gold is also in month 18 of its current 21 month cycle. These 21 month cycles have been pretty regular since 1999. Enlarge to a 9-10 yr chart to view the big picture.
GDX Weekly, 31 - 32 zone break out For GDX, a break out above the 31- 32 price resistance zone is take off for the senior miners, will be a bullish trend release going back to early 2013, when the bear market go serious shape
Gold Miners in a dual pattern breakout - Rally Alert!Just building up, the GDX Gold Miners, which were lagging Gold prices for a while, is now on the verge of a breakout... from a tilted Cup & Handle Pattern, as well as a Triangle.
MACD and OBV are bullishly supportive, and momentum is strong.
A breakout sets an upside target of 32.50.
Enjoy the ride!
Gold miners - laggards in a rallyGold is rallying very hard, and the GDX Gold miners ETF is lagging behind. It is only a matter of time before it catches up, and is already beginning that catch up journey. This morning, it is up 1.5% and launching off, after a higher low bounce off a support region (grey box). Technicals are supportive, as is correlation to Gold prices. The MACD crossed up after consolidation. By next week, it should be breaking out over the trendline, and upside is >15% to target.
Shining Gold Miners02/21
Gold miners are ready to shine when crossing final line 30-31. Double Cup-with-handle patterns are solid foundation for potential long uptrend.
GDX = still working...To take out 2016 high and September high. Clear breakout of the flag and held coming out at halfway of channel. Looks like it may need a little breather if its gonna push higher. Gold and NEM trading at multi year highs. RSI and MACD favorable. Moving averages looking good. Core portfolio position. Hang on!
#gold consolidates in $1630s miners lag min 10% $GDX $NUGT $DUSTIt is uncharacteristic for the miners to lag in this way, usually, it goes the other way around.
The explanation is simply that the S&P is near all-time highs and has signaled repeatedly to short the gold mining companies and ETFs.
GDX resistance in the $31 region is not likely to hold this time. Gold miners are seeing all-time record profits due to gold reaching new all-time highs in every currency but the US dollar ( XAUUSD ) and Swiss Franc ( XAUCHF .) Most mining costs are incurred in other currencies where gold has been hitting all-time highs repeatedly for many months.
Shorting of the miners are will be bad for business as these levels are pierced.
BOOMing Part IBoom in gold is gonna come fast. $1700 could be within the next 2 weeks. $31 for GDX. GDX could move even faster. Staying long on both. External factors, of course, seem to be only positive for both. Impossible to quantify black swans... at least for us amateurs.
Waiting for bullish breakout on Cup and Handle PatternExpecting a breakout and move up coming soon. Miners are down on the year so far, yet Gold is up, miners underperformed earnings in 2019 this, just like silver will catch up to reality.
BOOM!Something big is about to happen. GDX was way ahead of itself and gold. That's about to adjust... UP
GDX. Bear trap? Seems like we are ready for the next Leg up. GDX. Bear trap? Seems like we are ready for the next Leg up.
On RSI we have divergence and the price still holding on Fib .50 and .62 retracement. We can expect bull reaction and the next week we wiil see the earnings reports of GOLD (Barrick).
Now, adding long positions on GDX, NUGT. Also, Silver´s price is close to "Golden cross" on weekly chart.
GDX - still needs time to correctGDX closed on the lows of the day and particularly weak. I like this to touch flag support before it is ready to resume its uptrend. RSI and MACD still with work to do and moving averages not ideal. Looking to buy when I start seeing prices in the low 27s but will be cautious as support could be breached depending on other market action. Looking to get long but not yet. Still maintaining my DUST position.
GDX to 24Maybe lower, but the gap is the target. If it closes back over the trendline it's a long for sure!
good luck
GDX - Looking to buy at $23Hello, I won't make comments for this chart I will link GDXJ that I did, assumptions are the same/similar
