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Goldminers

Newmont Corp. stock analysis: Has NEM bottomed out?Newmont ( NEM ) stock prices have been falling precipitously, halving in value from highs of $86 in mid-April, due to lower gold prices and rising input costs weighing on the company's earnings. On July 25, following the release of the disappointing second-quarter results, with EPS down to 0.46 (-30% lower than expected), the world's largest gold miner fell to a year-to-date low of $44. Since then, however, NEM appears to have formed a very solid support at $44, which has not been broken downwards, indicating that the sellers’ strength may have faded. NEM could have bottomed out here, but it has yet to gain traction, as prices have consolidated in a tight range between $44 and $47 over the past two weeks. The RSI is still in oversold territory (26) but is rising slightly. Instead, the MACD provides a bullish crossover signal as the MACD line crossed from below to above the signal line. If we are on the verge of a new bull trend, the first hurdle to overcome is undoubtedly the psychological level of $50, which served as support prior to July 25th. A breach of this level would also lead to a breakout of the 2022 bearish trendline and encourage a test of $54.04 (the 23.6% Fibonacci retracement level from April 2022 high to July 2022 low). Alternatively, if there is a fresh round of pessimism, the market may retest the $41-41.7 level that served as support in March and April of 2020. Analysis written by Piero Cingari, forex and commodity analyst at Capital.com
NYSE:NEM
by Capitalcom
GDX GOLD MINER may bottom@24 or 21 zone to retest channel.GDX seems to be doing a BIG UPCHANNEL started from the 2016 low & retested at the 2018 low. If this lower channel is to be retested, GDX may bottom at the 24 green zone. This is the most probable since this is also the 2016 VWAP & the FIB 0.618 retracement from 2016 low. However, if you look at the VOLUME PROFILE, then GDX may fall more to the 21 zone to create a divergence, ending wave 1 of wave III. BULLISH longterm: Gold & gold miners will be a good hedge during rising inflation or recession. Every portfolio should have this insurance policy & some other defensives like XLV health, XLP staples & XLU utilities. TLT bonds will also rise during recession while US10Y rates go down in a deflationary environment. GDX may be just in the early stages of the longest wave III rally & has a long way to go. GDXJ Junior miners fell a lot more so I think percentage wise it will have to rise more just like today. Miners tend to be the leading indicator for GOLD. Gold may fall more to the 1670 to 1760 zone. Gold recovering 1800 will be very bullish while GDX reclaiming 30.37 wave 1 top & previous neckline pivot will also be bullish. Not trading advice.
AMEX:GDXLong
by xtremerider8
GDX weakness and bullish failurePrevious analysis appeared bullish, but the price movements in the last two weeks since failed. The weekly chart instead of following through with the bullish indications, reversed into a weekly gap down and further down for the next week. Weekly technicals are weak and suggest some bearishness. A clear failure for the GDX ETF to break above the weekly 55EMA. The daily chart shows how the weekly gap down developed, starting with a gap down that broke down of the gap range. This range was tested and failed for more downside in the following week. finding support at 29. The technical indicators are bearish indicative, and downside target is currently 27.60. Bearish breakdown in the works!
AMEX:GDXShort
by Auguraltrader
Gold Miners ETF, GDX bullish potentialThe weekly chart closed the week nice candle that had a long bottom tail, albeit a red candle, but bullish indication here. The daily chart had GDX gap down on Friday's opening, then rally hard to close a bullish engulfing, spanning across a resistance zone. This can form the higher low point later next week. Indicators are not yet bullish, but candlesticks are suggesting the end of the massive retracement with bullish signs and patterns.
AMEX:GDXLong
by Auguraltrader
GDXJ: Testing the watersAfter jumping down from its last high at the lower edge of the blue zone between $51.27 and $62.63, GDXJ has fallen below the mark at $36.58 to test the waters of the magenta zone between $37.26 and $24.77. We expect it to gather more downward pressure to advance deeper into the magenta zone, where it should finish wave ii in magenta. Then, the ETF should turn around and climb back above $36.58. From there, it should continue the ascent towards the resistance at $51.92. However, there is a 30% chance that GDXJ could break through the magenta zone and subsequently drop below the support at $19.52 instead.
AMEX:GDXJ
by MarketIntel
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
Agnico Eagle Mines: Stayed Strong 💪Agnico Eagle has stayed strong and has made it into the blue zone between $63.39 and $71.21 despite a momentary setback. If we now turn up our most motivating playlist, it should even climb a bit higher still to finish wave (b) in blue. Afterwards, Agnico Eagle should turn around and head in the direction of the support at $45.42. It should then fall below this mark, as well as below the next one at $31.03. Still, there is a 35% chance that the course could keep climbing, rising above both the resistance at $74.50 and the one at $89.16.
NYSE:AEM
by MarketIntel
Mild Bullish Divergence in LGDTFI don't know if anyone actually trades this, but I've been holding some bags on this piece of crap for a couple of years (don't ask) and check in on it from time to time. It's been trading in a decent range for the past 6 months (give or take) and recently put in a new low at $0.66, creating a very mild Bullish Divergence. Its Correlation Coefficient to gold is currently near 0, but historically oscillates closer to 1 (as you'd probably guess). This is not a prediction, and certainly not a trade recommendation, but if inflation keeps running hot and gold advances over the coming months, maybe this can catch a bid and head back up near $1 or higher. Alternatively, if there's follow through with the selling, I'd guess it will be trading sub $0.50 in short order. Take all this with a massive grain of salt, and proceed with caution.
OTC:LGDTFLong
by InnerMotionTrading
5
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... Launched!The Gold miners ETF had a clear launch over the last two weeks, amidst the build up of the global events in Europe. The Weekly chart has a sustained double breakout of a short term trendline, and the weekly 55EMA. The technicals (MACD and RPM) are very supportive, crossing upwards and into bullish territory. The Daily chart shows the past two weeks developments, nothing short of being impressive and decisive. An immediate term resistance is seen, but am optimistic that the Gold miners have launched from the base low, at long last. As previously mentioned... Gold prices have since moved significantly to above 1900, and equites are on the rise. This are supportive of the GDX. Currently, a slightly stronger USD is disregarded and off set by the previous two. GDX has since moved up 10% and is slated for much for upside, way above 40 IMHO. Projections in a later following post...
AMEX:GDXLong
by Auguraltrader
2
GDX about to break out?It has been many fake outs, but yet again, the GDX is attempting to break out, one that starts with a nice long bullish marubozu type of candle on both the weekly and daily chart. The weekly chart had a gap and run marubozu, with MACD turning upwards but not yet in bullish territory, nor clear of the 55EMA. The daily chart had a decent long bullish candle that is supported by the technical indicators. What needs to happen over the following week is a proper breakout and sustaining above resistance turned support levels.
AMEX:GDX
by Auguraltrader