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GDX trade ideas
Elliott Wave View: GDX Pullback In ProgressShort term Elliott Wave view in GDX suggests cycle from October 2021 low ended in wave ((1)) at 41.61 as an impulse Elliott Wave structure. Pullback in wave ((2)) is currently in progress with internal subdivision as a zigzag (A)-(B)-(C). The ETF is currently within wave (A) of ((2)) with internal subdivision as a 5 waves. Down from wave ((1)), wave ((i)) ended at 40.8 and rally in wave ((ii)) ended at 41.06. The ETF then extends lower in wave ((iii)) towards 39.31, rally in wave ((iv)) ended at 39.87. Final leg lower wave ((v)) ended at 39.25 which completed wave 1 of (A) in higher degree.
Wave 2 bounce is now in progress to correct the decline from April 18 peak before the ETF resumes lower. Internal subdivision of wave 2 is unfolding as a zigzag structure where wave ((a)) of 2 is expected to end soon. GDX should then pullback in wave ((b)) before another leg higher to end wave ((c)) of 2. Afterwards, it should resume lower in wave 3 to continue the correction to the cycle from October 2021 low. Near term, as far as pivot at 41.61 high remains intact, expect rally to fail in the sequence of 3, 7, or 11 swing for further downside.
Try to run. Try to hide. Break on through to the other side.15-Year Resistance at play. GDX grinds through a battlefield of long term resistance in the $38 to $42 range. Once broken next big resistance @ $54.
GDX - Cup 'n Handle formationLarge-Cap gold miners change in price trend showed by Cup formation.
positive divergence in RSI and MACD (not included)
ROC above zero line, every other previous time this happened a bull run was fuelled.
Price above 200 Daily moving average
GDX continues rallyingTwo weeks ago, a break above 40 was expected , and it just closed the week above 40, in good fashion if I may say so.
The weekly GDX chart followed the previous week's long tailed doji and gapped up, ending near the week's high, with yet another lower tail. Bullish candlestick structure here. Technical RPM indicator is supportive of the momentum, although the MACD expects more.
The daily GDX chart is consistent with a continuing uptrend rally, with higher highs and higher lows. Technically supportive, both the RPM and MACD are crossed up and trending bullishly.
47.50 upside target in sight as projected previously.
4/10/22 GDXVanEck Gold Miners ETF ( AMEX:GDX )
Sector: Miscellaneous (Investment Trusts/Mutual Funds)
Market Capitalization: $ --
Current Price: $39.67
Breakout price: $39.80
Buy Zone (Top/Bottom Range): $38.70-$36.40
Price Target: $44.90-$45.80 (2nd)
Estimated Duration to Target: 100-107d (2nd)
Contract of Interest: $GDX 9/16/22 40c
Trade price as of publish date: $3.75/contract
$39 is a Historic level$39 on the GDX has been a big support/resistance level from the very beginning. In play once again.
Gold miners ETF (GDX) taking off again!The Gold Miners ETF, GDX, as expected, launched itself after a small recoil.
The Weekly chart key takeaway is that the MACD and RPM followed through, but better yet, this week saw the weekly candlestick to be in a rather bullish position, closing the week on a recent 9-month high.
Fibonacci projections bring a 47.50 upside target in the following weeks.
The Daily chart confirms the bullish indications similarly. Having bounced off an intermediate support, the technicals are turning bullish again as the strong close for the last day of the week encourages a breakout above 40.
Gold Keeps Shinning- nearly one-year consolidation base since May 2021
- initial breakout works well in February-March 2022
- consolidate between 36-40 in March after the breakout
- breaking out 40 could open up its next uptrend rally
GDX showing bearish signs! many rejections off this resistance zone, be careful if long! lower high after a double top.. very bearish signs IMO.
targeting 37.66-36.75-35.68
GDX 2hr - Zooming in on the daily lookDialing in to the 2hr chart, GDX continues to demonstrate a bullish stature... Looking for $52 - $54 range to cap off (5) of circle 3... with extension to 1.618 toward $59 as a possiblility. Metals can often extend in very bullish markets. GDX should remain above $35 near term, with $33.50 as my line in the sand.
GDX macro look... Would not short this...Gold charts are tricky right now, but examining the miners, we see a much larger bullish trend that portends higher.
GDX: Room for MoreFor GDX, there is still room for more upwards movement! As the ETF has only touched the blue zone between $39.30 and $43.86 so far, we expect it to go for it again and more firmly this time, crossing even the resistance at $40.13. After it has finished wave (b) in blue in the blue zone, GDX should rattle down through the support at $28.83 and into the magenta zone between $27.49 and $19.52, where it should complete wave (c) in blue as well as wave ii in magenta. Then, GDX should turn around and move upwards, heading for new highs above the resistance at $40.13. However, there is still a 30% chance that the price might not rise from the magenta zone but could fall through it and below the support at $16.18 instead.
GDX - Gold miners to outperformGDX relative to SPX looks like it is bottoming - note RSI divergence the last several months plus huge support at recent lows on relative chart going back a few years. It seems to me that GDX (gold miners) are probably going to significantly outperform the overall market in the months and quarters ahead. I am stepping into some selective longs looking for alpha.
GDX - Ready to Fly?Looks like GDX is ready to move up out of the channel depicted by the green line. Some work may need to be done in this area to get thru , but with the war, rising inflation and other macroeconomics factors it wouldn't take much to send this stock to new highs. Watching and waiting patiently for entry. NEM holds the key.
GDX LOOKING FOR A MOVE UPWARDSAs the title indicates, I'm looking for another decent-sized move in precious metals. The war in Ukraine, bitcoin gaining support from more and more regulators, climate change/green energy initiative and the oil crisis (if there is one) are all serious things that could put a lot of pressure on the U.S. dollar. I like gold better than cryptocurrencies that are likely to be very volatile and uncertain.
Gold has been around for thousands of years for a reason. A sharp rise in gold prices are to be expected, but when have we ever witnessed gold losing 30% overnight? The answer is never.
Seeing a return from an investment in gold is all about timing. Obviously you don't want to be invested to heavily in gold when the equities are performing real well. On the other hand, when the market is uncertain it's good place to go.
GDXJ, GLD.. my bullish stance is on the metals market, silver and fuel metals like uranium and lithium, of course NICKEL!!!! Palladium seems to be doing well also.
Good Luck!
$GDX Gold Miners WeeklyGDX weekly nice chart with Triangle breakout and volume increasing with MACD opening up all implying more room to the upside.
I'm in April 35/40 debit spreads and looking for 40 as the first price target.
XME (metals) Gold Silver all appear to be ready to make a bull run, keep these on your watchlist especially with some weakness still in the equities market.
GDX BullishGDX Daily Timeframe.
-GDX has successfully closed above the falling wedge pattern which has been formed since 6th August 2020. Thus, this would be a potential continuation of its major bullish trend.
-In smaller timeframe, both H4 & H1, GDX also formed a double bottom with the neckline in $35 price range.
-Bullish divergence is clearly presented in daily timeframe (MACD).
-The rising market uncertainty from Russia's invasion towards Ukraine affects investors and market makers to secure their money in safe haven assets such as gold and other commodities.'
-Overall view : Bullish with the following resistance in $40, $42 & $45.8
Decade of GDX Channels"Market Memory" is illustrated well in the long-term support and resistance lines of GDX
GDX Nice breakout here so farGold and miners might be finally ready to make a run with a nice breakout of resistance line here. MACD showing bullish confluence and 9/20 moving average cross
I'm long april 35/40 debit spreads
GDX... Launched!The Gold miners ETF had a clear launch over the last two weeks, amidst the build up of the global events in Europe.
The Weekly chart has a sustained double breakout of a short term trendline, and the weekly 55EMA. The technicals (MACD and RPM) are very supportive, crossing upwards and into bullish territory.
The Daily chart shows the past two weeks developments, nothing short of being impressive and decisive. An immediate term resistance is seen, but am optimistic that the Gold miners have launched from the base low, at long last.
As previously mentioned... Gold prices have since moved significantly to above 1900, and equites are on the rise.
This are supportive of the GDX. Currently, a slightly stronger USD is disregarded and off set by the previous two.
GDX has since moved up 10% and is slated for much for upside, way above 40 IMHO. Projections in a later following post...
GDX US - close to mid-term signalgold miners are due to testing very stron resilince level: trend line and important peak
$GDXAs paper money inflates and loses value gold prices rise.
CHART LEGEND:
white dashed lines = bull/bear takeovers
blue lines = call targets
yellow lines = put targets
red line = danger zone
orange lines = trend lines
green lines = safe zone
any other lines add will be discussed with the ticker
AMEX:GDX
