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GDX

GDX - Update - Current PatternI AM NOT ACTIVE IN THIS POSITION. WAITING ON ENTRY. GDX failed to breakout yesterday. Most likely tied to continued Fed Repo liquidity keeping SPY artificially inflated (see SPX chart link below for news). Current Daily pattern shown in last chart was extended. Weekly view shown on this chart best shows pattern. Still in a bull flag formation. Pattern ends around end of February. RSI trend breakout failure shows trend is going down. Next Weekly and Daily trends and both bullish flip. Once this occurs we are in good position with both Daily and Weekly to confirm bullish entry. I will watch the pattern and update if anything occurs by pattern end. If anyone would like an update, let me know via chat. Thank you for liking, commenting, throwing up a chart, following, or viewing. I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts. Disclosure - I am long BTCUSD, GBTC
AMEX:GDX
by MoneyPatterns
GDX - Bull Flag on Weekly - Waiting for Bullish Trend to ConfirmI will update once the trend on Weekly turns bullish on GDX to confirm entry. Not entered GDX is bullish in pattern formation currently. We are at the end of the bull flag pattern. Ready for next leg up. Price recently crossed 10WeekMA which confirms bullish trend. RSI trend has also consolidated similar to price pattern. Longer Weekly RSI trend (yellow) is bullish. Intermediate term trend (white wedge) is bullish breakout pattern. I am waiting for Weekly trend to confirm bullish trend for entry. Market is too fickle for early entry. I will update once I see the Weekly trend turn. If anyone wants me to take a look in between chart updates, contact via PM. No problem. Thank you for liking, commenting, throwing up a chart, following, or viewing. I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts. Disclosure - I am long BTCUSD, GBTC
AMEX:GDX
by MoneyPatterns
2
ridethepig | Gold Miners Breaking Out!After months of choppy waters, finally bulls are emerging from beneath the woodwork right on time to position for 2020 flows. For all those tracking the current leg in Gold by now it should be crystal clear: Those momentum traders will know the highs will be eclipsed over the next few sessions, generally prefer buying dips. What I am most impressed by is the opportunity found with my long candidate for mining companies in 2020: For those tracking the end of year positioning flows for 2020 Q1, sit tight reflationary risks are around the corner. Thanks for keeping the support coming with likes, comments, charts and etc. And as usual the comments are open for all.
AMEX:GDXLong
by ridethepig
2
GDX - Bull Flag Breakout - Weekly Bullish Trend FlipOn Weekly chart shown, GDX formed a bull flag and is ready for breakout. Price went outside wedge and retested 10WeekMA/outer wedge of triangle - looking good. Buy signal on today's Daily candle. Weekly candle still on buy signal at end of long bearish trend. Weekly rend shows next flip is Bullish. Next Daily trend flip is also Bullish. RSI trend is also forming bullish wedge pattern. Same level as Bull Flag breakout beginning. Gaps to fill (red boxes) line up with 1.618 Fib extension. If SP500 sells off or VIX spikes, then I expect GDX to get bullish. EXITS $34 (top gap fills) RSI over 70 Giant cup formation (pink curved line) can only be seen on 19D chart or greater. Thank you for liking, commenting, throwing up a chart, following, or viewing. I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts. Disclosure - I am long MARA, GBTC, BTCUSD, GDX, and VIXY. Short SPY, AAPL
AMEX:GDXLong
by MoneyPatterns
Reversal of $DXY may have put a floor on #gold $GLD $UGLD $NUGTThe otherwise bearish gold chart may not touch down on $1400 to $1420 as many expected it to. Trade wars and tariffs along with the debasement of all fiat currencies may trigger the return to higher gold prices. Gold bugs who have been frustrated again and again over the last 5+ years may now see another large scale move as short positions are covered heading into the end of the year. The long-awaited event may be at hand. Goldman Sachs says gold is going to $1,600 www.kitco.com Here is what that might look like. Otherwise, look for support around $1415.
OANDA:XAUUSDLong
by blloyd
1
GDX - Strong Buy - Crossing 10WeekMAGDX buy signal on Daily. About to cross 10WeekMA for strong bullish continuation. Anytime 10Week is crossed we see bullish confirmation (weeks). Trend turned bullish on Filter Dots. Gaps to fill above in the $30's imply over 30% gains from current price. Not sure if we get this high, but bullish trend just starting today/tomorrow. SPY looking to go down soon. VIXY looking to go up. Only makes sense that GDX becomes risk on (as confirmed by the moving average proximity to current price). Thank you for liking, commenting, throwing up a chart, following, or viewing. I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts. Disclosure - I am long MARA, GBTC, BTCUSD, GDX, VIXY. Short SPY and AAPL.
AMEX:GDXLong
by MoneyPatterns
6
THE WEEK AHEAD: ANF, BBY EARNINGS; XOP, EWZ, GDX, SMHIt's a short market week here, but this is what we've got ... . EARNINGS: HPE (43/33): Announces Monday after market close. ANF (85/80): Announces Tuesday before market open. BBY (70/42): Announces Tuesday before market open. HPQ (50/36): Announces Tuesday after market close DE (34/29): Announces Wednesday before market open. Of these, ANF and BBY appear most appealing from a volatility contract standpoint. The setup pictured here is an ANF 16 short straddle in the December 20th month, paying 2.87 (.72 at 25% max) versus 15.93 spot (18.0%), with the defined risk 11/16/16/21 iron fly paying 2.60 with a buying power effect of 2.40 (.65 at 25% max). The BBY December 20th 65/80 short strangle is paying 1.75 (.88 at 50% max), with the correspondent 60/65/80/85 iron condor in the same cycle paying 1.60 (.80 at 50% max). EXCHANGE-TRADED FUNDS: TLT (36/12) SLV (29/20) GLD (23/11) USO (21/33) XLE (19/20) As with last week, short duration premium selling remains less than ideal here, so either hand sit, keeping powder dry, or look to deploy in longer duration setups. Here's what's on my list for longer duration setups in which at background implied volatility is higher: XOP: January, where the at-the-money short straddle is paying 2.20 versus 21.05 spot (10.5%) EWZ: March, where the at-the-money short straddle is paying 5.12 versus 43.16 spot (11.9%) GDX: March, where the at-the-money short straddle is paying 3.14 versus 26.76 spot (11.7%) SMH: May, where the at-the-money short straddle is paying 17.95 versus 130.92 spot (13.7%) BROAD MARKET: SPY 10/13 IWM (7/16) QQQ (7/16) As with the exchange-traded funds, you're looking at either hand sitting on shorter duration setups or going out farther in time to get paid, with the expiries in which the at-the-money short straddle is paying greater than 10% in September for SPY and June for both IWM and QQQ (ugh). FUTURES: /6B (67/12) /NG (41/60) /6C (30/5) /SI (29/18) /GC (23/11) Cable I get, but what's with the Loonie? VIX/VIX DERIVATIVES: With the January, February, and March contracts trading at 16.68, 17.76, and 18.05 respectively as of Friday close, VIX term structure trades in those expiries remain viable. For all other short volatility trades, I'd wait for a VIX pop above 20 to consider starting to add short position, as well as consider taking off some risk if we see another drop back into the 2019 lows at 12. It finished Friday at 12.34 ... .
NYSE:ANF
by NaughtyPines