GDX trade ideafollowing the break out in gold i focused on VANECK GOLD MINERS etf.
we all know how to play this set up... long already, will add on flag break out confirmation.
GDX trade ideas
$GDX Bullish Chart Pattern The AMEX:GDX chart is currently exhibiting a bullish pattern, characterized by an inverse head and shoulders formation, a key technical analysis indicator. This pattern typically suggests a potential reversal of the prior downward trend, indicating a likely upward movement in price. An inverse head and shoulders pattern is a notable formation in technical analysis, often signaling a potential bullish trend reversal. This pattern typically appears after a downtrend and is characterized by three troughs: the left shoulder, the head, and the right shoulder. The head is the lowest point, and the shoulders are slightly higher but relatively equal in depth.
The pattern is completed with a neckline, drawn by connecting the high points of the two peaks located between the head and shoulders. A decisive breakout above this neckline is considered a confirmation of the pattern. This breakout often occurs with increased trading volume, adding validity to the potential trend reversal.
Traders and investors usually view the inverse head and shoulders as a sign of a shifting momentum from bearish to bullish. The price target post-breakout is often estimated by measuring the distance from the head's lowest point to the neckline and projecting this distance upwards from the point of breakout. However, it's important to consider other market factors and indicators alongside this pattern for a more comprehensive analysis.
Gold Miners ETF (GDX) Should Continue to Extend HigherShort Term Elliott Wave in Gold Miners Junior (GDX) suggests rally from 11.10.2023 low is in progress as a 5 waves impulse. Up from 11.10.2023 low, wave ((i)) ended at 29.07 as the 1 hour chart below shows. Dips in wave (ii) unfolded as a zigzag Elliott Wave structure. Down from wave ((i)), wave (a) ended at 28.38 and wave (b) rally ended at 28.75. Wave (c) lower ended at 27.98 which completed wave ((ii)) in higher degree.
The ETF then extends higher in wave ((iii)). Up from wave ((ii)), wave (i) ended at 29.6. Wave (ii) ended as a zigzag structure in lesser degree. Down from wave (i), wave a ended at 29.18, wave b ended at 29.47, and wave c ended at 29.01. This completed wave (ii) in higher degree. The ETF then extends higher again in wave (iii). Up from wave (ii), wave i ended at 29.87 and pullback in wave ii ended at 29.46. Expect the ETF to rally a bit higher to end wave iii, then it should pullback in wave iv to correct cycle from 11.28.2023 low before it resumes higher. Near term, as far as pivot at 27.98 low stays intact, expect dips to find support in 3 ,7, or 11 swing for further upside.
GDX: Bullish Inverse Head and Shoulders Bottom In PlayGold is up an even 10% year to date. The precious metal has frustrated bulls at times in 2023 but falling real interest rates over the past several weeks have undoubtedly been a boon. While it’s encouraging to see spot gold climb above the $2000 per ounce mark, I see potential upside in the VanEck Gold Miners ETF (GDX).
Notice in the chart that the portfolio of gold mining companies, Newmont Mining (NEM) being the biggest weight, is working on a bullish inverse head and shoulders bottom formation. I see a key neckline around the $30 mark while the low under $26 from early October represents the head. If we project that $4.50 height onto the neckline, then an upside measured move price objective to near $34.50 would be in play.
Something to watch heading into year-end is how the US Dollar Index performs. Surely a move toward 4% on the 10-year Treasury Note rate would be a macro tailwind for gold and the gold miners, but a drop under 100 might also help commodities writ large. What could cause such a combination of lower rates and a weaker greenback? Softer economic data, including a weak payrolls report due out on Friday, December 8, might be such a catalyst. As it stands, four rate cuts are priced into next year which offers a solid backdrop for precious metals heading into 2024.
Bullish Technicals point towards a potential ~ 16% rally in $GDX- Head and shoulders bottom
- Break of a significant down trend line
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$GDX Bull Flag Poised to Break OutThe AMEX:GDX , a notable gold miners ETF, is currently displaying a Bull Flag formation, indicating a potential breakout on the horizon. My perspective remains that we are on the cusp of a significant breakout, one that could not only impact the gold market substantially but also trigger an even larger movement in mining stocks. Admittedly, I've held this view for some time, akin to the old saying that "a watched pot never boils," suggesting that sometimes anticipation can make the wait feel longer. By mentioning this, I might be tempting fate with the market, yet I believe that this breakout could occur unexpectedly, perhaps when it's least anticipated by most investors.
GDX Head and Shoulder Neckline TestGold has been on a tear recently.
If gold breaks above and finishes above 2k next week, we should see GDX break the neckline at 30.
Target should be around 34 but there is heavy resistance at around 32.20 so that should be a nice area to take some chips off the table
Gold Miners ETF (GDX) Looking to End Zigzag CorrectionShort term Elliott Wave view in Gold Miners ETF (GDX) suggests the ETF is correcting cycle from 10.4.2023 low. Rally from 10.4.2023 low ended wave (1) at 30.16. Pullback in wave (2) is unfolding as a zigzag Elliott Wave structure. Down from wave (1), wave A ended at 27.61 as a diagonal. Rally in wave B ended at 29.81 as another zigzag in lesser degree. Up from wave A, wave ((a)) ended at 28.48 and dips in wave ((b)) ended at 27.90 Final leg wave ((c)) ended at 29.81 which completed wave B.
Wave C lower is currently in progress as a 5 waves impulse. Down from wave B, wave (i) ended at 29.18 and wave (ii) ended at 29.55. Wave (iii) lower ended at 28.54, wave (iv) ended at 29.15, and wave (v) lower ended at 28.11 which completed wave ((i)). Rally in wave ((ii)) ended at 28.64. The ETF then turned lower in wave ((iii)). Down from wave ((ii)), wave (i) ended at 28.17 and wave (ii) ended at 28.43. Near term, as far as pivot at 29.81 high stays intact, expect further downside in the ETF. Potential target lower is 100% – 161.8% Fibonacci extension from 10.20.2023 high which comes at 25.74 – 27.29.
GDX putting in a bottom? Watch GDX and GDXJ. If GLD can make ALL TIME HIGHS there's going to be a big move!
GDX looks upward to decision pointThe rally in GDX (daily chart) sees the price eyeballing the 200 day moving average and a decision point about whether to break the corrective downtrend from May's double top.
There are downside gaps from November, 2022 and October, 2023. But these do not need to fill any time soon. Watch the SMA 200.
Metals and MinersBullish setups galore with one more low possible before the bigger move up. Worth watching all of these for a long term (swing) trade.
#GDX Reversal? AMEX:GDX The Vaneck Gold Miners ETF has notably developed as Long as it breaks out of a previously established downward channel on the weekly chart. This upward movement finds support at the year's initial lows of $26, which also corresponds with the pre-COVID lows. This resurgence is further validated by the presence of a bullish MACD crossover, adding a bullish momentum signal to the analysis.
#VaneckGoldMinersETF #BullishTrend #MACDIndicator #PreciousMetals
$GDX Trend Line Break AMEX:GDX Trend Line Break, echnical breakout in the chart of AMEX:GDX , which is an ETF that tracks the performance of companies involved in the gold mining industry.
A "Down Trend Line Break" to the upside is typically seen as a bullish signal in technical analysis. It indicates that the security in question, in this case AMEX:GDX , has broken through a declining trend line, suggesting a potential reversal or change in the prevailing downtrend.
Bright future ahead for gold and silver minersAs long as the price holds recent Oct lows, I will continue to expect it to move towards next important resistance area: 31-35-38.
Afterwards it would be ideal for price to consolidate and form a handle part of the cup with later break out above 35 pivot to confirm its intentions to move to next important resistance areas: 43-48-52
Short-term trading thesis: I will wait for price to consolidate around prior highs (preferably 29-30), providing a low risk entry point to consider any long trades.
Long-term trading thesis: Establishing a position within this potential basing periods along the right side of the cup with later breakout - all these looks reasonable for me for any positive expectations in coming months and 2024.
Important notice: Elliot waves and fibonacci retracements are a very subjective form of analysis and I don't personally trade out of them. I use them only for the purpose of gauging structural potential of any assets, that allows me to put more confidence when low-risk trading set-up emerges. Analysis and opinion doesn't pay, only price pays.
Gold Miners (GDX) Approaching Support ZoneGold Miners ETF (GDX) shows incomplete bearish sequence from 5.4.2023 high looking for further downside. In shorter cycle, the decline from 7.18.2023 high is in progress as a 5 waves impulse. Down from 7.18.2023 high, wave 1 ended at 27.27 and rally in wave 2 ended at 30.13. The ETF then extended lower in wave 3 towards 25.68. Internal subdivision of wave 3 unfolded as a 5 waves in lesser degree. Down from wave 2, wave ((i)) ended at 28.79 and rally in wave ((ii)) ended at 29.41.
The ETF extended lower in wave ((iii)) towards 26.62 and rally in wave ((iv)) ended at 27.59. Final leg wave ((v)) ended at 25.68 which completed wave 3 in higher degree. Wave 4 is currently in progress to correct cycle from 9.21.2023 high in 3, 7, or 11 swing before the decline resumes. Potential target for wave 4 is 23.6 – 38.2 Fibonacci retracement of wave 3. This area comes at 26.74 – 27.39 where sellers can appear for further downside. Potential target lower is 100% – 161.8% Fibonacci extension from 5.4.2023 high. This area comes at 20.6 – 25.2. If we assume that 9.26.2022 low at 21.52 will hold, then the area of support should be 21.52 – 25.2.
GDX Big Drop to Demand ZoneGDX formed a Head and shoulders and the measured move takes it down to the demand zone and the lower channel. I think it will get there in 3 weeks by Oct 20
GDX could see a 18-20% rally from here 🚀break past trend resistance/30.25 and GDX may finally start to break out of its downtrend!
a rally to 32.47-35.68 should follow if we get that bullish breakout
boost and follow for more.. thanks 💜
$GDX: Will 30 get a pop?Spot gold and GDX are both showing reasonable strength today I'm wondering if they can keep it going at all. NEM and WPM both seem like they're trying to pull off a reversal so it's possible at least something can be gained here.
GDX- Bullish/Bearish BiasAs you can see from the chart, listed above are the bullish and bearish counts for Elliot Wave. The current PA suggests a bullish bias however if tomorrow FED raises Interest Rates or is Dovish. We could see the bearish count in play which means ABC in red is complete and the downside target is 28. Now the PA can push through the invalidation level of 30.3 and drop as well. For bullish PA that is above 30.3 hourly/4hour, First Target for TP will be 30.88.
GDX trade plan based on AMEX traders activityA significant straddle on GDX was concluded at the end of trading on September 06 on the AMEX exchange.
IMPORTANT! Based on our team's research of the options market, we expect buy activity at the support level or sell activity at the resistance.
We primarily consider levels to be activity zones, but not to be a super-fine level for establishing a limit order. Use them in combination with our own strategy, not in alone.
GDXFolks ....view this nice bounce on exact point that i have mentioned to you ..... interesting enough.....
my last analysis:https://www.tradingview.com/chart/GDX/T4rwl6m2-GDX/
GoooooD LucK
GDX Lower Low Sequence Supports More DownsideThe short-term Elliott wave view in GDX suggests that the cycle from the 5 May 2023 peak is showing a 5 swings lower low sequence in higher time frame charts. Supporting more downside in the instrument. The decline from that peak is unfolding as an Elliott wave zigzag correction where wave (A) ended at $30.11 low. Wave (B) bounce unfolded as a lesser degree flat correction where wave A ended at $32.30 high. Wave B ended at $28.76 low, and wave C ended at $32.92 high thus completing wave (B).
Down from wave (B) high the decline is unfolding as an impulse sequence favoring more weakness. Whereas wave ((i)) ended at $31.01 low. Wave ((ii)) ended at $31.98 high, wave ((iii)) ended at $28.67 low, wave ((iv)) ended at $29.61 high. Below from there, wave ((v)) remains in progress with a minimum extension target coming at $28.45- $28.09 area lower before the next bounce happens. Near-term, as far as bounces fail below $31.98 & more importantly below $32.92 high the GDX is expected to extend lower to reach the extreme from May peak towards $26.77- $22.98 target area before a turn in favor of the ETF happens.
