Gold - "No reason to get excited" the thief, he kindly spokeTesting trendline, expecting rejection here. Target around 1600
GDX
Gold is about fix the current monetary system IMOThis is speaking from history and of course nobody knows what exactly is going to happen. I like gold and gold miners at these levels as they are the most undervalue assets right now.
GDX Interim Bottom?Just as Gold and equities plummeted over the last 4 weeks, GDX was in no way spared, losing at least 25% from 4 weeks ago. An absolutely deep retracement following Gold prices.
Daily candlestick pattern suggest a brief consolidation at current levels, 30-31.
Do not yet see a bottoming pattern... not yet.
GDX at multiple support levels - Buy for long termThis is weekly GDX chart, testing multiple support levels - Channel lows, 200 SMA and long term support trend line. It's a good buy now for a quick bounce and also for long term. Given inflation is going to be hot for few more years, gold and gold miners will shine.
Gold Update: 5 MayGold rallied together with the markets yesterday, but we cannot be sure yet if this reversal holds. In this video I show a trade idea that has profit potential in two scenarios: A bearish Elliott wave 5 with a lower low, and a continuing rally higher.
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.
Long GLD With rising inflation and politicals risk all around the world, Gold continues to perform as a safe haven for assets. From the TA perspective, Gold has formed a double bottom and it is breaking out late march level ($1957ish). It is aiming for a 0.61 Fib level around $2000, possibly all-time high,
Gold will hit $2500 around the end of 2022After completing the arc pattern, I would expect gold to hit $2500/oz by late 2022. The rise will match the depth of the downturn we have seen in the arc.
GDX In the last week, GDX erased the bullishness of the preceding month with one fell swoop of an Bearish Engulfing kind (weekly chart).
So expecting continued bearish candles would be expected as it follows through.
The daily chart supports that view so far, and it just broke down of the 55EMA, after a gap down. The good thing is that it did not really gap and run... at least not yet.
Technicals are overall bearish, at least for a bit. Expecting bounces off 36, maybe even 35.
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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.
Try to run. Try to hide. Break on through to the other side.15-Year Resistance at play. GDX grinds through a battlefield of long term resistance in the $38 to $42 range. Once broken next big resistance @ $54.
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.
4/10/22 GDXVanEck Gold Miners ETF ( AMEX:GDX )
Sector: Miscellaneous (Investment Trusts/Mutual Funds)
Market Capitalization: $ --
Current Price: $39.67
Breakout price: $39.80
Buy Zone (Top/Bottom Range): $38.70-$36.40
Price Target: $44.90-$45.80 (2nd)
Estimated Duration to Target: 100-107d (2nd)
Contract of Interest: $GDX 9/16/22 40c
Trade price as of publish date: $3.75/contract
$39 is a Historic level$39 on the GDX has been a big support/resistance level from the very beginning. In play once again.
4/3/22 NEMNewmont Corporation ( NYSE:NEM )
Sector: Non-Energy Minerals (Precious Metals)
Market Capitalization: 65.607B
Current Price: $82.78
Breakout price (hold above): $80.10
Buy Zone (Top/Bottom Range): $77.65-$74.05
Price Target: $89.20-$90.90
Estimated Duration to Target: 65-68d
Contract of Interest: $NEM 6/17/22 90c
Trade price as of publish date: $2.56/contract
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.
Arc in GDXJ / GDX ratio points to junior mining bullmarketIf you make a ratio of Gold Juniors to Gold Majors, you will find that there is an arc in the making since 2010.
It looks like we are about to enter the fun side of the arc, where juniors outperform majors.
This is historically often a sign of liquidity and luster returning to gold, in the form of rising gold prices, and risk securities outperforming.
Got Juniors?
GDX 2hr - Zooming in on the daily lookDialing in to the 2hr chart, GDX continues to demonstrate a bullish stature... Looking for $52 - $54 range to cap off (5) of circle 3... with extension to 1.618 toward $59 as a possiblility. Metals can often extend in very bullish markets. GDX should remain above $35 near term, with $33.50 as my line in the sand.
GDX macro look... Would not short this...Gold charts are tricky right now, but examining the miners, we see a much larger bullish trend that portends higher.
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.
potential 1hr bull flag c wave up to 2040-2050?looking on the 1hr and doing an elliott wave count, I see one more possible retest to 2040 from the bull flag c wave up
both bull and bear. I would look to reshort from this point
$GDX Gold Miners WeeklyGDX weekly nice chart with Triangle breakout and volume increasing with MACD opening up all implying more room to the upside.
I'm in April 35/40 debit spreads and looking for 40 as the first price target.
XME (metals) Gold Silver all appear to be ready to make a bull run, keep these on your watchlist especially with some weakness still in the equities market.
