Watch the GDX bull wedge with positive MACD divergence.It doesn't mean a breakout, but the pattern shown needs to be watched carefully
GDX trade ideas
Miners Getting Attractive Here!GDX hit breakout area today. Gold not that weak. Not sure who's leading who right now but this looks like a place to start buying or adding to GDX positions.
GDX crucial pivotReasons to be bearish: (technicals)
-We are coming up on our 3rd touch of down-trending resistance.
- Gold is struggling to get back above 1500 after breaking below the up trending channel and a bearish retest of it.
- Price action looks similar to the last correction outlined in the red box.
- If the correction is now over, it was very quick.
- Stock market recently had a big drop, perhaps it is ready for a rebound. - Otherwise a potential crash then we have more to worry about.
Reasons to be Bullish: (fundamentals)
- Fundamentals: FED announces 'not QE' (i.e. it IS QE)
- Probability of trade deal from upcoming China talks is low (but some sort of agreement will lead to gold to crash).
- Repo market worries.
- Hong Kong.
- Turkey to invade Syria.
I think markets are waiting so see what happens with the trade talks. News or announcements around this may be the decider of bull market or one more correction.
gdxPCY news out, management put their cash out for placement
07 October, 2019
Download as PDF Vancouver, British Columbia, October 7, 2019 – Prophecy Development Corp. (“Prophecy” or the “Company”) (TSX:PCY, OTC:PRPCD, Frankfurt:1P2N) announces that it is undertaking a non-brokered private placement (the “Placement”) involving the issuance of 10 million Common Shares of the Company (the “Shares”) at a price of $0.40 per Share to raise aggregate gross proceeds of $4,000,000. Company management and directors will purchase 400,000 Shares of the Placement. The Shares will
GDX, VanEck Vectors Gold Miners ETF - Potential Risk RewardAMEX:GDX
If the value of gold continues to increase, automatically the companies linked to the extraction of this metal would derive profit from it and therefore we wait for a breakout of this resistance to allocate eventually a part of the portfolio on this ETF.
As we also notice from the point of view of the potential resistances that could be found on the path towards the achievement of profit would be very few, and therefore the Risk Reward is very interesting.
finance.yahoo.com
GDX (50/50)I would use 27.66 as the reference trigger to the long side. 26-26.5 is absolutely important to hold. Immediate downside risk is still relative big.
gdxdaily support and weekly support, if it were easy we'd be rich and not here ..... Armstrong says one more drop to support needed , 1310, whatever, backtests are healthy if not then blow off top and over. Drills still turning , money still being printed. Prophecy drilling in bolivia with nov results, seems Bolivia miner friendly now as nuag explosion smells of a gig.... Gran colombia selling assets to fund explor and not dilute, pcy setup to fund project with spinoff/sprott, bonterra still spinning holes, what's not to like ...
Intraday weakness on GOLD- Spotted a potential short opportunity on GDX as SELLING pressure had gradually increase
- No sign of demand for the time being
GDX worth longGDX worth a long above 27.5. Stop at 27.3.
Bigger picture wise, GDX is running out of time. At the minimum need to hold 27.5. Otherwise, 26 is the next test. Between 27.5 and 28 means next week is good chance for long. Above 28, pretty bullish then.
GDX - Final divergenceI think the GDX rally is done too.
All the indicators are showing divergencies in GDX.
It rallied almost to the 2016 highs...
We will get a pinbar ( inverted hammer or shooting star ) on the weekly chart.
The weekly chart's indicators need to tag the oversold territory in this decline.
It might close the gap at 24 -24.56 or might test breakout at 23.67$.
