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GDX trade ideas

GDX LONG, MASSIVE MONTHLY BULL FLAG = Target $58.40This is a MASSIVE Monthly BULL FLAG (Blue). After breaking down this massive trend channel GDX has recovered and is now breaking back into the huge UPTREND Price channel while MACD is remaining above ZERO. I realize the month is not over yet but when you are struggling to find places to put your money when the stock market is retracing this would be my next trade. Also with the Gold chart looking better each day and that GLD Trade I posted going so well this would be the place to add to that exposure with more upside potential. Long at OPEN tomorrow. Target = height of the flag pole putting us at $58.40
AMEX:GDXLong
by eganon69
GDX about to break out?It has been many fake outs, but yet again, the GDX is attempting to break out, one that starts with a nice long bullish marubozu type of candle on both the weekly and daily chart. The weekly chart had a gap and run marubozu, with MACD turning upwards but not yet in bullish territory, nor clear of the 55EMA. The daily chart had a decent long bullish candle that is supported by the technical indicators. What needs to happen over the following week is a proper breakout and sustaining above resistance turned support levels.
AMEX:GDX
by Auguraltrader
Three Falling Peaks On The Gold Miners ETFThe Gold Miners don't look like they are setting up to have a very good time as they have made Three Consecutive Lower Highs and have penetrated the line of support it's been holding. Just from looking at this pattern and how we are trading in between the 55 and 200 week Moving Averages and Preparing a Weekly Death Cross it would seem that it is setting up for a +40% Decline in the near future so long as it continues to make Lower Highs.
AMEX:GDXShort
by RizeSenpai
1
GDX Lame Duck ?This week, the GDX did a lame effort to test the 55EMA, if you could even call that a test. Hence, the 55EMA failure was pretty much a lame effort too. This downward consolidation is growing lame and old, but it does appear to continue perhaps for a bit more as I do not yet see strength in the accumulation... having said that, when it comes, it is likely to be rather overwhelming. For now, the same zone is pushed forward as a Buy Zone or Break Zone. This is like fishing... all is lame until the big bagger comes, when it really comes, it comes with a hard fight! Stay safe!
AMEX:GDX
by Auguraltrader
GDX possible bottoming out... or?Over the last couple of weeks/months, perhaps even since Aug 2020, GDX had been a tad challenging but also very intriguing. Firstly, the number of fake outs by GDX is numerous over 2021. Secondly, it is followed by failures for lower lows. Third, an opportunity appears to be forming... it is almost time. The weekly chart on the left failed the 55EMA yet again, and returned to close near the range low, on a solid candlestick. Technicals are bearish, as is price action. The daily chart demonstrates how quick a breakdown it can have, but also appears to have bounced off a long term steady support. The candlesticks show a classic example of bearish outcome, and even a possible technical bounce in the coming week. Technicals however are skewed slightly towards bearish. Overall assessment is that we have a chance of GDX bottoming out, but also at risk of a breakdown, possibly.
AMEX:GDX
by Auguraltrader
1
GDX Fake Out burns badIn the last post on GDX, it was mentioned: "Oops... Gapped down later last week. Again, more downside, watch for breaking of the range into the Buy Zone, and more importantly IF the support holds (white line)." For most of the week, I looked like a fool... as GDX closed the gap, tested a minor support and then spiked a long candle above the daily 55EMA. I have to be honest, I did relook and asked myself IF I missed something, misread or was biased. And then comes Monday, and by midday of trading, the previous gap down is reopened. Together with re-entry of the consolidation zone (as expected), and a repeated failure of the daily 55EMA, this story now signals an exit on the other side of the consolidation zone. Candlesticks (weekly and daily) all appear bearish, and not even needing to mention the technical indicators. Notwithstanding, I am looking for a slight higher low from the 15 Dec low, in the Buy Zone marked, over the current week. Have to keep reminding myself to be patient. When it happens, it will be very obvious. Meanwhile, I am hanging on to my knickers! LMAO...
AMEX:GDX
by Auguraltrader
4
GDX: Inverted hand and shouldersGold usually performs the last month of the year, entering a strong seasonal phase. Gold miners tends to anticipate gold's move. GDX is a Gold miners ETF . The price is currently reaching a resistance level. Should we be bearish? Not necessarily. If you look at the chart you can see an inverse head and shoulders , also called a "head and shoulders bottom". This pattern is similar to the standard head and shoulders pattern, but inverted. Investors typically enter into a long position when the price rises above the resistance of the neckline , which is currently between 33 and 33.64. As for the target, you measure the distance between the bottom of the head and the neckline of the pattern and use that same distance to project how far price may move in the direction of the breakout (see green arrow). The target I have is about 37.74. The pattern is only confirmed when the neckline is broken. If so, don't expect the price to reach its 37 target immediately. I have placed all the resistance lines on the chart. Trade safe!
AMEX:GDXLong
by Elpidaldo
GDX An Incomplete sequence Favors More DownsideThe Elliott wave view in GDX suggests that the main cycle from the August 20, 2020 peak is showing an incomplete sequence. Favoring more downside to happen based on sequence towards $24.80- $21.36 area lower before a turn back higher happens. While the short-term cycle suggests that the decline to $30.05 low ended wave 1 of (C) in 5 waves lower. Up from there, GDX did an expanded flat correction in wave 2 bounce. While an initial 3 swing bounce ended wave ((a)) at a $31.59 high. Down from there, wave ((b)) also ended in 3 swings at $28.90 low. Then the bounce in ((c)) leg unfolded in 5 wave impulse sequence. In which, wave (i) ended at $30.16 high, wave (ii) ended at $29.95 low, wave (iii) ended at $31.54, wave (iv) ended at $31.19 low, and wave (v) ended at $31.77 high. Thus ended wave 2 as an expanded flat correction. Below from there, GDX declined in 5 waves lower & ended small wave ((i)) of 3 at $30.15 low. And now doing a 3 swing bounce in wave ((ii)), which can see $31.29- $31.51 area before turning lower again. Near-term, as far as bounces fail below $31.77 high then ETF is expected to fail lower looking for more downside. Alternatively, if it breaks above $31.77 high then it can even see $33.01- $34.77 area higher before seeing sellers again.
AMEX:GDX
by Elliottwave-Forecast
GDX consolidating to downside biasQuick update that previous attempt for GDX to rally up was pre-mature. Still not yet in a bull trend. Weekly chart had a break out above 55EMA fail in the last couple of weeks, only to bounce off a support. Technicals not totally aligned so may consolidate for a couple more weeks before some clarity forms. Daily chart (right panel) shows the failed attempt, which now has a clear resistance line (lime green). Last week ended with a failure type downward candlestick, suggesting weakness in a rally. Technicals appear somewhat bullish, in contrast to weekly chart. Expecting some consolidation, with a little downside bias within range.
AMEX:GDX
by Auguraltrader
Miners Rise and FallHello everyone, I am predicting a rise and very likely big fall of the gold miners. Seasonally the last 3 years the precious metals space has risen into the end of the year and peaking in early January. I do not expect any different this year with Powell recently coming out at the last FOMC meeting and saying 3 rate hikes in 2022. But what about all the money printing and historically low real yields you say? Well that just doesn't matter to the market right now with the broader market moving higher and dancing until the music stops. Precious metals won't be making fresh 5 year highs until a substantial market selloff, and even then miners will most likely fall with the market however brief it may be. Or on the first rate hike next year if miners and metals are shorted heavily because of the Fed narrative there could be a massive short covering rally similar to what we saw in January to August of 2016. This is just my opinion not trading advice do your own DD. Good luck traders and happy holidays!
AMEX:GDX
by Adven_Rader