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GDX

The Gold Odyssey - retracement done AS previously described, Gold was in a deep retracement, and it appears that this week, the retracement is done. Weekly chart shows a reversal candlestick pattern over the past three weeks, finding the week's close at a resistance level. Look for a breakout in the coming weeks, as Gold closed above the weekly 55EMA this past week. Do note that previous mapping of the handle (Cup & Handle formation) it shifted forward; and 2080 high is expected to be broken around November 2022. The daily chart show a higher low, and technicals are turning bullish. The retracement was nicely above 1800, and has a potential 20% upside to 2080. Possible for consolidation to near 1800-1820, and would be looking for clarity in the coming weeks. Meanwhile, would be good for the USD to ease off a little. hehe. Stay safe and well...
COMEX:GC1!
by Auguraltrader
GDX: Out of the BlueThis is GDX’s motto only literally because its descent from the blue zone between $43.86 and $39.30 was far from unexpected and indeed completely in accordance with our primary scenario. After completing wave (b) in blue in the blue zone, GDX has established itself on its way downwards, and we expect it to continue this trend into the magenta zone between $27.49 and $19.52 below the support at $28.83. There, GDX should finish wave (c) in blue and wave ii in magenta before rising above the resistance at $40.13. There is a 30% chance, though, that GDX could break through the bottom of the magenta zone and drop below the support at $16.18.
AMEX:GDX
by MarketIntel
Elliott Wave View: GDX Pullback In ProgressShort term Elliott Wave view in GDX suggests cycle from October 2021 low ended in wave ((1)) at 41.61 as an impulse Elliott Wave structure. Pullback in wave ((2)) is currently in progress with internal subdivision as a zigzag (A)-(B)-(C). The ETF is currently within wave (A) of ((2)) with internal subdivision as a 5 waves. Down from wave ((1)), wave ((i)) ended at 40.8 and rally in wave ((ii)) ended at 41.06. The ETF then extends lower in wave ((iii)) towards 39.31, rally in wave ((iv)) ended at 39.87. Final leg lower wave ((v)) ended at 39.25 which completed wave 1 of (A) in higher degree. Wave 2 bounce is now in progress to correct the decline from April 18 peak before the ETF resumes lower. Internal subdivision of wave 2 is unfolding as a zigzag structure where wave ((a)) of 2 is expected to end soon. GDX should then pullback in wave ((b)) before another leg higher to end wave ((c)) of 2. Afterwards, it should resume lower in wave 3 to continue the correction to the cycle from October 2021 low. Near term, as far as pivot at 41.61 high remains intact, expect rally to fail in the sequence of 3, 7, or 11 swing for further downside.
AMEX:GDX
by Elliottwave-Forecast
GDX continues rallyingTwo weeks ago, a break above 40 was expected , and it just closed the week above 40, in good fashion if I may say so. The weekly GDX chart followed the previous week's long tailed doji and gapped up, ending near the week's high, with yet another lower tail. Bullish candlestick structure here. Technical RPM indicator is supportive of the momentum, although the MACD expects more. The daily GDX chart is consistent with a continuing uptrend rally, with higher highs and higher lows. Technically supportive, both the RPM and MACD are crossed up and trending bullishly. 47.50 upside target in sight as projected previously.
AMEX:GDXLong
by Auguraltrader
4
Gold miners ETF (GDX) taking off again!The Gold Miners ETF, GDX, as expected, launched itself after a small recoil. The Weekly chart key takeaway is that the MACD and RPM followed through, but better yet, this week saw the weekly candlestick to be in a rather bullish position, closing the week on a recent 9-month high. Fibonacci projections bring a 47.50 upside target in the following weeks. The Daily chart confirms the bullish indications similarly. Having bounced off an intermediate support, the technicals are turning bullish again as the strong close for the last day of the week encourages a breakout above 40.
AMEX:GDXLong
by Auguraltrader
7
GDX: Room for MoreFor GDX, there is still room for more upwards movement! As the ETF has only touched the blue zone between $39.30 and $43.86 so far, we expect it to go for it again and more firmly this time, crossing even the resistance at $40.13. After it has finished wave (b) in blue in the blue zone, GDX should rattle down through the support at $28.83 and into the magenta zone between $27.49 and $19.52, where it should complete wave (c) in blue as well as wave ii in magenta. Then, GDX should turn around and move upwards, heading for new highs above the resistance at $40.13. However, there is still a 30% chance that the price might not rise from the magenta zone but could fall through it and below the support at $16.18 instead.
AMEX:GDX
by MarketIntel
1