GDX
NEM (3W) / Bullish Elliott Wave CountDifficult not to see an inverse Head & Shoulders pattern in this gold miner, isn't it?
Hochschild Mining has broken out here!Target is near 400 for nearest resistance and therefore the potential gains here are great longer term.
GDX/DUST: Gold miners still looking overboughtDon't get me wrong, I love gold/precious metals and the miners but sometimes a little perspective is needed. The miners index is in nosebleed territory with 92% bullish and negative divergence on the RSI(5) and MACD. Then I started looking at DUST, an inverse ETF and a large bullish wedge is appearing.
Inverse H&S set up on $KNT.ca great set up for this Canadian mining stock. watching for a break of 3.85, then a push to 4.2 and possibly a bigger push to 5 in the near term. $GDX $GDXJ $XGD.CA $GLD
Sell signal triggered Swing sell signal triggered today. To be confirmed tomorrow at the open but ... looking good. ... Also triggered on GDXJ but a bit less convincing. To be followed up on...
The above are for education and entertainment only. They must not be interpreted as investment advice nor recommendations. Trade at your own risk and mostly, trade safely and keep safe!
Cheers!
Miners almost a BUYA break out above the dotted cap line will be very bullish. We had a false break out before but I think were ready to go. A break above 90 is solid.
GDX - 7 Year BreakoutNew multi-month support at $32.
GDX needs to stay above $32 for the rally to resume.
Gold and Gold Miners to have a pull back soonMy gut tells me that gold is going up (probably to 1775-1800) and gold miners are headed up too. HOWEVER, there appears to be negative divergence on both gold and GDX. A more patient (and wiser) trader than me would wait for that upward trend to be broken, then short this baby! Unfortunately I keep getting burned by Swing FOMO!!!
Long Opportunity in GOLD (Barrick)?GOLD Barrick consolidating below a big resistance trendline. It could be within a triangle 4 (confirmed by volume, unlike the commodity?). EW geometry not ideal. Green box #1 is 25.67-26.23.
GOLD (4H) / 3 Counts We may have completed a triangle subwave 4 (truncation at the bottom?), as shown here in the blue count. In this case, W3<W1 so no extended 5 expected.
Bearish count looking less likely now...
Gold made new high, Indicies didn'tGold looks very bullish to me. Long, S/L 1666, target 1900 area
While i think US indicies will drop below their previous low ~2200 i don't think Gold will follow but
will make a new high instead. Should it be drawn down with the markets i buy on the way down.
Miners are still a good buy in my opinion.
Gold (AUD) Daily- Symmetrical Triangle inside a Ascendening BroaGold (AUD) Daily- Symmetrical Triangle inside a Ascendening Broadening Wedge.
thepatternsite.com
thepatternsite.com
Gold- Symmetrical triangle, within a larger Broadening Top.Gold- Symmetrical triangle, within a larger Broadening Top.
Symmetrical Triangle- Has a 60% of Upward breakout, 40% chance of downward breakout.
thepatternsite.com
Broadening Top- Has a 61% of Upward Breakout, 39% chance of downward breakout (Thomas Bullkowski)
thepatternsite.com
Gold to Test ATH Soon?With the unemployment rate being announced later this week I have been keeping an eye on the gold markets for clues on a direction. Expectations are that unemployment will increase substantially from the last reported 4.4% to levels that haven't been seen since the 1930's. However, the price of gold hasn't really "outperformed" during the Covid-19 pandemic when compared next to other asset classes which begs the question, will the unemployment numbers really matter?
Looking at the charts gold has been in consolidation since breaking out of the inverse head and shoulders on April 6th. Price has retested and been trading flat since April 14th. The chart below is of the SPDR Gold Trust ETF (GLD). Current support is 156.95 and is a must hold if more upside is to follow.
On the 4-hour chart above, I've highlighted how volume increased on the break of the inverse head and shoulders, and as price returned to retest support volume has settled nicely. MACD confirms this and is beginning to show potential strength in bullish momentum. If GLD breakout, targets should be set towards 174, which conveniently is nearly all-time high resistance.
How confident can we be on this trade? Below is the weekly chart of GDX, a Gold Miners ETF. Here, note the weekly retest of previous resistance at 31. How strong the support remains to be seen, but the strength on the gold miners is undeniable and reaffirms the gold trade to the upside.
Heading into the potentially historic unemployment announcement this Friday, it may be a safe bet to look into gold if you believe in the safe haven narrative. If you are a trader like me, GLD and GDX present opportunities to make 10-20% returns in a short period. Bias: Bullish .
Gold (4H) / Bullish & Bearish Elliott Wave CountsVery tricky situation in gold prices. We could also be in a triangle 4 before an extended 5.
Long Opportunity in GOLD (Barrick Gold)Green box: 23.94-24.81. You can't see it well here but the green box is right at the upper trend line support, in this chart here:
GOLD, GDX, GDXJ, AUYTVC:GOLD Inverse head and shoulders breakout from mid 2017 through late 2019 broke out and reached a high of $1,750 without ever testing the neck line again.
While it is not necessarily probably that it do so it is certainly possible we get there or close.
Momentum suggests this, RSI supports, Price action is weakening, and moving averages point to a pull back.
If you believe this scenario is possible I would suggest looking at the levels of $1510, $1400, and $1355 as key hard supports.
May be good opportunity to short GDXJ , GDX , or stocks like AUY .
THIS IS NOT A RECOMMENDATION TO BUY / SELL. THIS IS MERELY AN IDEA AS WE SHOULD ALWAYS CONSIDER ALL POSSIBILITIES. Stay profitable. Mitigate risk.
@econrumations
www.economicrumations.com
