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GDX

🍾Warren Buffet joins Schiff - who is else is coming the party?If there was any doubt that the gold miners are not about to start a new bull market, that doubt has been squashed by Berkshire Hathaway buying some Barrack Gold. Before this news I was expecting the GDX to go as low as $32 in this corrective move, but the cats out the bag and I’m sure bigger players will start entering into this space in the coming weeks/months (hedge funds etc). From the $45~ top we’ve gone as low as $38~ which looked like a blow off top like we saw in gold. On top of that there was some bearish divergence between price and RSI that I have highlighted in yellow. The bounce from this level backtested the old trend line and it looks like the next move is lower. The gold chart looks be in a corrective phase too which gives me greater reason to believe the GDX will follow suit (you can see my gold chart by checking out my profile). The first area to add to longs is the $37, this has been a major support/resistance where I expect a bounce. If that level does not hold, a while back I thought we would make the move all the way down to $32~, but that seems rather unlikely thanks to Warren, instead I’d welcome prices to hit $35-$34 level, the GDX did face some heat at this level in May and June. Have any questions about the GDX in the short-term? Leave a comment below.
AMEX:GDXShort
by BangkokCharts
THE WEEK AHEAD: GPS; SLV, GDX/GDXJ, XOP, IWM/RUTEARNINGS: GPS (37/82/17.0%) is really the only earnings announcement that interests me from a volatility contraction perspective. Pictured here is a September 18th skinny short strangle, which was paying 2.03 as of Friday close. EXCHANGE-TRADED FUNDS SCREENED FOR IMPLIED >35% AND WHERE THE OCTOBER AT-THE-MONEY SHORT STRADDLE IS PAYING >10% OF STOCK PRICE: SLV (50/61/17.4%) GDX (22/47/14.1%) XLE (21/37/11.6%) GDXJ (19/55/16.7%) EWZ (18/45/13.2%) XOP (14/49/14.0%) Juice as a function of stock price resides in SLV (17.4%), followed by GDXJ (16.7%), GDX (14.1%), and XOP (14.0%). BROAD MARKET: QQQ (23/28/8.2%) IWM (23/29/8.4%) EFA (17/21/5.6%) SPY (16/22/5.8%) IWM/RUT is where the premium is, relatively speaking, followed by the QQQ's. DIVIDEND YIELDERS: XLU (18/22/6.8%) EWA (18/22/7.8%) EWZ (18/45/13.2%) IYR (17/22/6.9%) EFA (16/22/5.6%) SPY (16/22/5.8%) HYG (15/13/3.3%) TLT (14/16/4.6%) EMB (11/10/2.8%) Brazil ... again?!
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by NaughtyPines
Miners bull trend resumes.After this week I´m convinced we have seen the bottom in gold stocks. From here on, prices will go up and retrace, but making higher lows. I think we´ll probably face two phases. 1) From here to the end of August, GDXJ will go up and retrace a few times until they surpass the previous high. I expect GDXJ 61-62$ Tuesday - Wednesday. (63$ or more would need gold to reach almost previous high). Keep an eye close. After this top, a retracement back to 58-59$ for next week, and up again. I´ll pay attention that price don't fall the big channel. I seriously would be surprise if it does. The trend to the upside is very strong. 2) After that, prices should flow alike June, until the end of September, inside a tiny channel. From the 21th of September on, I should pay special attention, because i believe prices would begin to behave "toppy", like past two weeks. Gaps up, and drops, new highs also, and the last week of September or the first of October the Top. I expect GDXJ around 90 $ (86 to 96) in those dates. And Gold around 2.300 also at the end of September. It's early, but this is a possible road map following previous patterns. I'm totally convince in a bullish scenario, after August (for example). If it fit this one it would be just coincidence. www.youtube.com If prices fall from the channel, a bearish scenario. I don't believe it would happen, but Mr. Market doesn't care what I believe. And after that....well, If we reach the 90s...the we could correct and come back to the 60s. It happened before. But that is another tale, and we are far from there. www.youtube.com Have a nice week and good luck.
AMEX:GDXJLong
by JAY_c5velm
25
The case for QUAD-digit silverIs it so difficult to imagine silver going 10x over the next 3-4 years? That would put the price over 290 per oz. What about a 30-40x move to over 1000 per oz? I can make an easy case for triple & quadruple digit silver over the next decade just by looking at the silver : M2 money supply. The creation of our currency = inflation. While this inflation (expansion) tends to go into financial assets first, it will catch up with the real economy in time. I believe deflation is temporary and the lag that we're witnessing is similar to the count down before a rocket takes off. Take a look at the Federal Reserve's balance sheet. We have a problem and it's going to catch up with us quickly. Look at the chart below of SILVER:M2 to understand where silver price is in relation to M2 money supply and how historically cheap silver actually still is..
TVC:SILVERLong
by gghsusa
8
Elliott Wave View: Gold Miners (GDX) Ready to Resume HigherGDX 45 minutes chart below shows that the stock has ended the cycle from June 5 low as wave (3). The rally ended at 45.78 high. From there, the stock did a pullback in wave (4), which unfolded as a zigzag Elliott Wave Structure. Down from August 5 high, wave A ended at 42.25 low. The bounce in wave B ended at 44.18 high. Afterwards, the stock resumed lower in wave C, which ended at 38.82 low. This ended wave (4) in larger degree. Afterwards, the stock has resumed higher from wave (4) low. Up from that low, the stock ended wave ((i)) at 40.69 high. Wave ((ii)) pullback ended at 39.05 low. Currently wave ((iii)) is in progress, where wave (i) of ((iii)) ended at 41.03 high and wave (ii) ended at 39.72 low. As long as pivot at 38.82 low stays intact, the dips in 3,7 or 11 swings is expected to find support for more upside. However, the stock still needs to break above wave (3) high at 45.78 to confirm that wave (4) is already in place and the next leg higher in wave (5) has started. Otherwise, the stock can still do a double correction in wave (4).
AMEX:GDX
by Elliottwave-Forecast
Could Gold be headed for a double top? Gold could form a double top like it did in early March before heading lower and hit the .618 Fib target of low 1700. This is a short term move so you could play this with GLD Aug 28th calls with: Stop at GLD below 178.5. First Target 190 (gap fill) Second Target 194.5 (double top) If that plays out, the next move down would be even bigger! It would then be followed by a very bullish trend for gold even bigger again and for the longer term! Miners could also be an option for this play but in March, although Miners did go up, they did not rise to their February top (see blue line). So I prefer GLD for this setup. Disclaimer: The above is not an investment advice. It is merely an opinion and I share it for your entertainment only. Do your own due diligence and above all, trade safely and stay safe!
COMEX:GC1!Long
by adventurous51
Follow the smart money! 1. Bonds are showing a very similar up trend pattern as in the early 2020 (black line) See what happened next in late February and early March. As soon as the market started its descent, bonds shut way up ! 2. The dollar appears to want to bottom. Where did it go when bonds shut up? (Orange line). There was a small lag but DXY went way up to the roof! 3. What does it mean for Gold (cyan line) & miners? As the dollar shoots up, Gold, priced in USD, will correct like they did then. Target is hard to establish at this point but a significant pull back is expected. I will update when I am out of this trade. 4. Conclusion, as soon as the over valued stock market shows signs of weakness, bonds will shoot up, the dollar will follow and gold & miners will correct significantly. As they also did in 2008 (not shown in this chart) before taking off! Please note this is a short term view (30 to 60 days). I am bullish on gold and miners long term. However, a great entry price should come soon. Why not profit before then? Disclaimer: The above is not an investment advice. It is merely an opinion and I share it for your entertainment only. Do your own due diligence and above all, trade safely and stay safe!
AMEX:GDXJShort
by adventurous51
A Short Term bearish view for the MinersWe have been behaving in a top - mode, and the trend channel from June has been broken last Friday to the downside. If things unfold in a similar way to last August 2019 we could have some correction this week, maybe followed with some upside to make a king of a double top at the 66 level and then more correction... I would pay attention to the 63 $ level, because there is a gap there. Gold could rise on Monday, so miners do fill the gap and then the fall can continue for the rest of the week. The possible downside target, could be 55-56$ (gold should fall around 1.850 $ during this week). It looks so far...but we've been there a few minutes ago in terms of gold history. 58$ is also important level. Have a nice week and good luck.
AMEX:GDXJShort
by JAY_c5velm
8
Widen Your GazeProviding an update to our previous trade setup for Gold that outlined a potential Bearish Head and Shoulders setting off a fractal chain reaction of selling pressure. That scenario has played out as we predicted and we expect selling pressure to remain intact for the near term. We expect the bearish momentum to continue until we reach previous highs around the 1920's. Never trade a pattern before it has completed and aways hedge your positions as appropriate.
TVC:GOLDShort
by HandofGold
5
GOLD REVERSAL WITH FRACTAL H&SHere is a multi-timeframe fractal analysis for Gold priced in USD. Looks can be deceiving but it appears a head and shoulders pattern has formed signaling a short term price reversal in the yellow metal. This pattern has potential to set off a chain reaction of bearish chart patterns and downward price movement. Use stop loss as appropriate as these are irrational markets and volitility could spike at any moment. To validate, looking at the DXY, the chart seems to show the opposite with a double bottom reversal pattern beginning bullish series of movements. Good Luck Traders!
TVC:GOLDShort
by HandofGold
1
The trend The channel from June is doing its work and everything continue bullish. The gold sector and the miners. So around the 10th of August we can meet a new top in the channel, that can also be an important top, because the possibility of a touching the top line of a major channel. But, all of this is just to be cautious. Gold and miners would do what they want. GDXJ/GOLD Ratio could be around 0,034, that would mean Gold should reach a target somewhere between 2.050 - 2.100 That would fit the sector. One thing follows the other. One of the most difficult thing is to follow a sharp trend like the one we are since June. It´s hard because you don't have to no "nothing". If you are an investor, its easy, because that's your attitude, but if you are a trader you look for retracements or even worse, for reversals, tops, and so, and finally you chase the trend. That was my case and a lesson to learn. That's why it is said that buy and holders most of the times do better that traders. I´m full long since Friday. But this is so crazy that maybe on Monday I´m regretful....Mean while....relax and enjoy the summer www.youtube.com
AMEX:GDXJLong
by JAY_c5velm
2