Gold is cheap versus Miner ETFsGold and Silver mining equities remain very cheap relative to gold.
Using historical prices and disregarding dilution, the upside of miners to current gold prices is
GDX: 96%
SILJ: 132%
GDXJ: 260%
GDX
GDX An Incomplete sequence Favors More DownsideThe Elliott wave view in GDX suggests that the main cycle from the August 20, 2020 peak is showing an incomplete sequence. Favoring more downside to happen based on sequence towards $24.80- $21.36 area lower before a turn back higher happens. While the short-term cycle suggests that the decline to $30.05 low ended wave 1 of (C) in 5 waves lower. Up from there, GDX did an expanded flat correction in wave 2 bounce.
While an initial 3 swing bounce ended wave ((a)) at a $31.59 high. Down from there, wave ((b)) also ended in 3 swings at $28.90 low. Then the bounce in ((c)) leg unfolded in 5 wave impulse sequence. In which, wave (i) ended at $30.16 high, wave (ii) ended at $29.95 low, wave (iii) ended at $31.54, wave (iv) ended at $31.19 low, and wave (v) ended at $31.77 high. Thus ended wave 2 as an expanded flat correction.
Below from there, GDX declined in 5 waves lower & ended small wave ((i)) of 3 at $30.15 low. And now doing a 3 swing bounce in wave ((ii)), which can see $31.29- $31.51 area before turning lower again. Near-term, as far as bounces fail below $31.77 high then ETF is expected to fail lower looking for more downside. Alternatively, if it breaks above $31.77 high then it can even see $33.01- $34.77 area higher before seeing sellers again.
GDX consolidating to downside biasQuick update that previous attempt for GDX to rally up was pre-mature. Still not yet in a bull trend.
Weekly chart had a break out above 55EMA fail in the last couple of weeks, only to bounce off a support. Technicals not totally aligned so may consolidate for a couple more weeks before some clarity forms.
Daily chart (right panel) shows the failed attempt, which now has a clear resistance line (lime green). Last week ended with a failure type downward candlestick, suggesting weakness in a rally. Technicals appear somewhat bullish, in contrast to weekly chart.
Expecting some consolidation, with a little downside bias within range.
Gold, 20 Dec. Forever $1800.Gold has been ranging for over a year around 1800, with deviations of +/-7%. Today here we are, back at 1800.
Wyckoff:
The range gives us a chance to do a Wyckoff analysis. It is possible to interpret the structure as a re-accumulation with a spring and two tests afterwards. We need to see the LPS and SOS phases next to confirm this interpretation.
Elliott:
We are able to count (i) - (ii) in blue and sub-wave i - ii (in green). If correct, we should expect a wave iii of (iii) that would bring Gold out of the re-accumulation pattern. Wave ii has retraced 78.6%.
Geometry:
The inside pitchfork provides us with diagonals that are well-respected by price. A break of 1878 would confirm bullishness.
How I trade it:
Most importantly, Gold has made a higher high, and a higher low, causing the MACD to crossover on the daily. We can now look for an active sequence that holds moving averages. If the wave iii of (iii) assumption is correct, we will see a swift move to the upside. The idea is to gradually build long exposure here, and exit the positions if price falls below 1770.
GDX: Pushing for dem Lows! 🥸🥸🥸The GDX ist moving downwards again, which is the primary direction we are expecting this market to develop. With this turnaround, an alternative surge is now neutralized and we now need to wait for the course to reach the area around $22.51, where we expect the next turnarund - but this time to aim for rising prices. It remains important here that the course does not drop below $16.18.
Have a great start to the week!
GDXJ LONG! Gold Miners bouncing off support. Entry = $43.55.Entered at GREAT price right up against Major Support. Usually I post pics with MACD. Today I am not. Showing this chart as prime example of how Price Action dictates trade. Only using a simple system of Trend Lines and Horizontal support and resistance lines and some observation of candle patterns and you have all you need to trade. Another trade BUY signal will be once we break above the recent high of Oct 25, 2021 @ $45.75.
Entry = $43.55
SL = $41.89
Target Price = $54.86
R = 6.81
All that glitters is not GOLD or is it? We shall soon find outGold is making its way up to test the DTL that has been in place since the highs formed in August last year. Additionally there is massive horizontal resistance at the $1830 level. A convincing break and close above $1830 will set the yellow metal on fire! Keep an eye for the break!
VOX PROVIDES DEVELOPMENT & EXPLORATION UPDATESBased on this strong operator progress, Vox management expects that 2022 has potential to be a record year for discovery drilling, engineering studies being released and projects moving into production.”
Key Development Updates
• Update on the feasibility study, permitting and construction financing at the South Railroad gold project in Nevada by Gold Standard Ventures;
• First production guidance reiterated for H2 2022 at Bulong gold project by Black Cat; and
• Substantial drilling updates at the Bowdens silver project by Silver Mines, the Higginsville mine by Karora, the Pedra
Branca platinum group metals (“PGM”) project by ValOre, and the Uley graphite project by Quantum. South Railroad (Pre-Feasibility) – Feasibility Study Expected Q1 2022
• Vox holds a 0.633% net smelter royalty with advance minimum royalty payments over part of the South Railroad gold project, which is located in the prolific Carlin Trend of Nevada;
• Vox received initial advance minimum royalty payments of ~C$100,000 from the South Railroad royalty in October 2021;
• On November 10, 2021, Gold Standard Ventures announced:
o It anticipates that the feasibility study for the South Railroad project will be completed in Q1 2022;
o In-fill drilling results at the Pinion deposit indicates the possibility of converting approximately 350,000
contained ounces of gold for inclusion in the feasibility mine plan in Pinion Phases 4 and 5, expected to be
majority royalty-linked based on historical disclosure by Gold Standard Ventures;
o Expected timing of the Record of Decision permit is anticipated to be in Q1 2023; and
o It anticipates commencing the construction capital financing process in conjunction with the release of the feasibility study in Q1 2022.
• Vox Management Summary:
The South Railroad project is advancing in line with Vox management expectations based on due diligence completed for the royalty acquisition in June 2021. The majority of the additional ~350,000 ounces expected in Pinion Phases 4 and 5 are expected to be royalty-linked and to generate meaningful royalty revenue for Vox. 2022 promises to be a transformational year for South Railroad with the release of a feasibility study, construction financing process updates and permitting progress.
To read more of the RNS www.voxroyalty.com
Elliott Wave View: GDX Starts New Bullish CycleShort Term Elliott Wave view on GDX suggests cycle from October 4, 2021 low is in progress as a 5 waves impulse Elliott Wave structure. Up from October 4 low, wave (1) ended at 33.95 and pullback in wave (2) ended at 30.96. The ETF then extended higher and broke above wave (1), suggesting wave (3) has started. Up from wave (2) low, wave ((i)) ended at 32.69 and pullback in wave ((ii)) ended at 31.65. The ETF then extends higher in wave ((iii)) with internal subdivision as another impulse in lesser degree. Up from wave ((ii)) low, wave (i) ended at 33.15 and wave (ii) ended at 32.57. Wave (iii) ended at 34.83, wave (iv) ended at 34.21, and wave (v) of ((iii)) ended at 35.01. Pullback in wave ((iv)) ended at 34.47.
Near term, while dips stay above 30.96, expect the ETF to extend higher in wave ((v)). This move should also end wave 1 in higher degree and complete cycle from November 3 low. Afterwards, GDX should pullback in wave 2 to correct cycle from November 3 low in 3, 7, or 11 swing before the rally resumes. Potential target higher is 100% – 161.8% fibonacci extension from October 4 low towards 36.17 – 39.37. Near term, as far as pivot at 30.96 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.
𝗚𝗼𝗹𝗱 𝗨𝗽𝗱𝗮𝘁𝗲: $GC_F Daily. Breakout ... Backtest?After a long period of consolidation has broken out. Should run to at least ~1960. Potential for a pullback to backest before doing so
$GLD $GDX $GDXJ $SLV $SI_F $DXY $TNX $TLT
GDX beautiful setupGDX has a lot going for it.
Nice H&S headed to a breakout
Channel breakout
Falling Wedge breakout
Above 33.50 it should trigger the H&S break, and above 34 it will probably get this moving towards 36
Cycle Low in Silver, Gold? Inflation Hedges Take Off NYSE:AG MCX:SILVER1! AMEX:GDX TVC:GOLD
It takes zooming out at least 20 years to feel good about buying gold or silver, traditional inflation hedges.
It's been a boring asset class since the Federal Reserve began its most recent monetary experiment, but as we all know, the piper will get paid.
Regardless - silver (shown) and gold are hinting at cycle price lows. After breaching a year-long trendline and triggering selling pressure, silver prices held support over the previous major low before forming what now may be a H&S Bottom, as defined by Edwards & Magee (1951).
$GDX Beautiful .618 bounce First PT 35I don't normally post Fibonacci's because they cloud up my charts but GDX appears to have made a beautiful bounce off the .618 fib line.
I went long DEC $34 calls, already up +15% but my PT is $35 in the near term.
A lot of bullish option flow for GDX/GOLD in general, I also have IAG shares doing nicely.
Whatever your strategy preference, I think it's a good idea to get long Gold for near term upside.
$2100 Gold in 2021all it needs is a catalyst to exit the 6 month consolidation down
inflation all around us
watch for volume ramp up to foreshadow the move
GDX looking for higher lowGDX have been so beaten for so long, and every previous attempt was not ready for that consolidation nor higher low. After a recent and decent break above the 55EMA, the Gold miners GDX ETF is retracing hard (as expected) and is now looking for a higher low, in about a week or two.
And with that, then we know the next run would be more robust.
GDX SHORT SWING TRADE | GDX | SHORT @ 31 - 30 | TP @ 29, 28, 27, 26, 25 | SL @ 33 | PATTERN = DOUBLE BOTTOM BREAKDOWN |
PNF chart on the hourly shows a breakout, DOUBLE BOTTOM BREAKDOWN
The strategies I use involve a mix of PNF and Renko. My type of trading is strictly swing trading.
Trading Range Breakout - Vox Royaltylooking back over 2021 the share price of this royalty company has done it all. We have seen a sell-off that culminated in massive volume (for this company) putting in a base. We then carved out a trading range before catching a bid to new 52 week highs. The recent breakout was welcomed, but the pullback to previous resistance on low volume, which is now acting as support, is crucial. Assuming the bull move is not over and buyers buy into value, the measured move of the trading range breakout would take us up to C$5.00
in the last 7 days Vox is up 5.1%
1 year up 34.2%
Oct 01 - Vox Provides Recent Development and Exploration Updates from Royalty Operating Partners Gold Standard Ventures, Genesis Minerals Limited, Metalicity Limited, Black Cat Syndicate Limited and Norwest Minerals Limited
July 29 - simplywall.st
gold update ready to jump 1870 levelGold is in wave 4 in the weekly time frame. Reform of US stocks increased the pressure on gold. Given the rigidity of a triangle such as wave B, one can expect the growth of gold to complete wave C of the triangle.
GDX and probably GXC rising to the occasionThe GDX was in close watch and it is time... Technicals are favourable for a bull run, and so is the broad equity market. Also had broken out of the Buy Zone!
GXC the China ETF is just about ripe based on technicals. Similarly, broad equity market drift should hold in supportm and the immediate gap should be closed for a run up.
USAS SPELLS YES..well at least to me it does. This is weekly chart on USAS but wow.. this looks like a deal. I believe we'll see this one over $11.00 in a few years. I believe this to be a very good value.
Approaching ratio levels on GDXFollow through of this ratio has in past allowed for bearish trends to reverse and lead to new bull move. Assuming proper market behavior, GDX may soon begin to regain bullish trend in coming months.
GDXJ SUPPORT LONG I see support with an old 9 day Demark Count Look Left we are at day 9 of a downward trend. We are at the bottom of a Boillinger Band on the daily. We are at the mid line of a LR on the daily with Stochastic bottomed out. Gold hit bottom of daily Range . I hope Im right. 7 percent in the next week. Thank you if you actually read this. Please comment. Oh we are at the end of a GANN cycle for a while in Consolidation
gold fast move down and so do miners.We could see a continuation to the downside from here to 1620 area by the end of September, beginning October.
That would take GDXJ to 34$ or so and GDX to 28$
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