GDX
Gold (USD) daily- Ascendening Broadening Wedge Gold (USD) daily- Ascendening Broadening Wedge (ABW). A real possibility of reaching for the bottom of the ABW trading range.
Gold (AUD) daily- Clear breakout from Ascendin' Broaden' WedgeGold (AUD) daily- Clear downward breakout from Ascending' Broadening Wedge (ABW). Price target is horizontal red line. Temporary relief at purple UpTrend line.
Regarding the 52% of ABW that break out downwards. 81% of those act as Reversals of the prevailing trend- Thomas Bulkowski.
thepatternsite.com
A little rebound for the Gold Miners perhaps?Long term I'm definitely a gold bug but I have warned repeatedly about near term risk (which I don't think has completely resolved if I'm honest). The market is euphoric but channels are now becoming apparent and lines are being drawn. It's very possible we have a small bounce in miners with the upper channel limits identified as well as some other possible diagonal resistances. Be careful, but a strong opening Monday could mean a quick trade for some easy money can be made.
Twin WedgesNew wedge has formed which is identical to previous. Gold has too much tailwind to fall too low. So the wedge seems like the best fit.
-copied previous wedge price action to the right (in blue) as a possible path forward
Gold (AUD) daily- Downward breakout from Ascend' Broaden' Wedge.Gold (AUD) daily- Downward breakout from Ascendening Broadening Wedge (ABW).
81% of AWB breakouts occurs in the direction leading up to the ABW. However, this is that 19% of cases.
Note: We are at Oversold RSI's under 30. History shows, when the RSI hits these levels, usually prices bounce back up.
GDX short as shown in the chart we have h&s pattern, tomorrow if break the Nike line we see a big drop in the gold.
enjoy
Gold miners measured move price target achieved!Gold miners measured move price target achieved! Short position with risk defined accordingly.
B2Gold - Huge Volume TodayThe Breakout is confirming as a Trading Range formed with low volumes during the past few weeks.
Following a few weeks of low activity, very-large volumes were registered today.
Price is heading toward the next Resistance of the upper Ranging Channel at $7.8.
This movement could very easily push the price all the way to the next Resistance at $8.0 to a new all-time high.
Support at $7.25 and $7.5
Buying GDX calls in May.If price returns to March's high, then I'll begin looking to purchase call options as close to 29.50 or 30.00 strikes as possible. These calls with have an expiration of June 1.
🚀Will Q2 earnings give the GDX the fuel to rocket?Gold mining stocks have a reputation on promising to deliver big but failing (see 2009-2011).
I’ve been following the GDX since 2016 when I first started buying gold miners, and up until 2020, nothing really happened.
The miners were in a bear market for 8 years and could not breach the $30 resistance, until April 2020.
Does this signal the start of a new bull market, or will the gods have their way and bring us hodlers back to reality?
To get this party started, we will need the GDX to clear $37 decisively, we did hit that area in May but sharply pulled back to the $32 area.
Until we break the $37, we could expect to range between $37-$30.
What will cause the GDX to move higher?
The only thing we can expect to move the GDX higher is the price of gold. if gold can stay above $1700, and oil prices maintain their current price levels for a few more months, the fundamentals for gold miners will look even better.
Oil is a major cost of production for miners, so cheap oil means more profits!
It will be interesting to see their Q2 earnings, if they can impress with earnings when most other sectors are going to show slow growth, that could build buying momentum and attract new money.
If gold prices break to the downside, that will most likely send GDX below $30 and result in a fake-out to what we are seeing.
Looking at the RSI, we can see that momentum is building and even touched the oversold. To me this is a good indicator of a new bull market forming, but I'd like another confirmation in breaking the $37 price.
I don’t see fresh money coming into this sector as we do with Tech stocks, retail investors want to hold stocks that are sexy and gold miners aren’t that.
For that reason, we will need to rely on gold staying above $1,700, good earnings in Q2 and cheap oil.
I have posted my macro views on gold, Bitcoin and the S&P500 this month, please take a look at my trading ideas and give me a follow. My goal is to provide macro views on marketing taking into consideration market news, not solely relying on TA.
