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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
GDX Lame Duck ?This week, the GDX did a lame effort to test the 55EMA, if you could even call that a test. Hence, the 55EMA failure was pretty much a lame effort too. This downward consolidation is growing lame and old, but it does appear to continue perhaps for a bit more as I do not yet see strength in the accumulation... having said that, when it comes, it is likely to be rather overwhelming. For now, the same zone is pushed forward as a Buy Zone or Break Zone. This is like fishing... all is lame until the big bagger comes, when it really comes, it comes with a hard fight! Stay safe!
AMEX:GDX
by Auguraltrader
GDX HAS COILED ENERGYThe metals have been stuck in a range for quite a while. Gold Miners ETF (GDX) appears to have made 5 waves up since the crash in 2020 and formed an ongoing complex correction. What do you think? Has GDX bottomed? Take note of the lower stoch/rsi wavetrend indicator and the broadening nature that has occurred since this correction. This looks like a hidden bearish pattern that will eventually break. When it breaks, GDX is likely to move up incredibly strong. Perhaps one more push lower? I don't know... But I'll be ready if it drops again. For me, I have some medium-longer term targets over 55-60.
AMEX:GDXLong
by gghsusa
3
GDX, is this a forgotten treasure?Hello everyone, So Gold is finally back in a buy/accumulation zone, even though DXY may have more room to run I doubt this will translate in to heavy downside for gold. 1650 maybe? However, the stars look alligned once again to buy gold, or in this case GDX (Gold miners ETF). You can see the trade parameters in the chart. But this is definetely an opportunity like no other, whilst everyone is still lookin at Bitcoin, or Stocks, nobody is expecting a resurgence from gold at this point. However as we see volatility is not dead and gold does like volatile times. Even though this trade will take patience, and most likely won't payoff like crypto. The optimal upside is around a 150%, and in a mania case 400-600%. And the risk is -25%, I mean, it's a casual day in crypto or even stocks these days... Buying now is like buying BTC at 10k. Which BTW i've also advised in doing heavily. It's the same mantra as always - Buy low, sell high. However, most will do it the other way around. Also check out my other ideas, even though I don't post often. When I do it's usually when things are CHEAP or EXPENSIVE. As always, stay safe and stay liquid.
AMEX:GDXLong
by MedianLineAnalysis
Has GOLD Caught My Attention? Breakout on the HorizonGold Weekly uptrend is in a current consolidation cycle, hence the up and down movement on the Daily chart with no clear direction as of yet. As we zoom in intraday for multiple time frame analysis, you will see the 2 hour chart(left side) has found support at $1836 and the bands are constricting around the price action. Now with every great consolidation cycle, comes great volatility as we know one thing is true "Volatility is cyclical". So with a bottom in and intraday charts aligning, this intraday breakout IF strong enough, could set the Daily chart up for a strong enough break out, to pour over into the weekly charts to continue the uptrend and breakout of the Weekly chart consolidation Cycle. Gold is on watch, has the potential to move like bitcoin, once the market takes it last breath, this would be a good bottom to establish one self IF it holds. $1900 is the key level to break and hold...All aboard? TVC:GOLD
TVC:GOLDLong
by TTMTrades
1
GOLD - WHAT IS THE DEAL WITH NOVEMBER?Gold has entered the pivot zone. The hard metal is always a hold to me personally, but it helps to study the charts to get an idea of the algorithmic driving forces and other oddities. In this case, I couldn't help but see this Nov Nov Nov trend and the math behind the madness. The pattern suggests it'll be supportive. Watch it closely the next few weeks. We need to see strength come in to confirm support and upward continuation. Do not dismiss the possibility of a deeper correction.. There's no such thing as "impossible" when in comes to financial assets.. especially in 2020-after all, we did see oil trade MINUS $37 this year. Keep an open mind while in wonderland.
TVC:GOLD
by gghsusa
14
Gold and the next leg upGold looks like it's about to make a new leg higher but will it also drop 5-7% first? The dollar and gold tend to create very distinctive price cycles if you know how to look for them. Renko helps to see these price cycles and time seems irrelevant to them. I am seeing a cycle low in the works now but I'm not sure if it's complete yet. I will venture to say it's going to drop down into the 1700's before the next leg up but I'm not sure if we'll get that lucky. See my forecast on GDX (gold miners) and how this analysis could agree with that one. Smart money likes to flush the boys out so I am just expecting a wild ride here soon.
FX:XAUUSD
by gghsusa
Will the miners offer one more dip?I am wildly bullish on the miners and precious metals over the longer term but I suspect another corrective leg down. GDX has been forming a giant ascending wedge from 2013-2020 and just broke out of that pattern this year. The drop in March was just a small piece of that puzzle that flushed a lot of new & experienced traders out of the trade. I pointed out several times that it was potentially an extremely good buying opportunity. That turned out to be true and the miners have been one of my best trades this year. I'm not an expert on Elliott Wave Theory but I'm seeing what looks like 5 waves up that completed in August. Perhaps now price is still stuck in some type of correction before a much larger move takes place. Take note of the red flag on my lower indicator. There's clearly a trend there and price has not dropped enough to complete another touch. There's no rule that says it must but it's just something to watch. Be patient. Be smart. Do YOUR OWN homework. Follow price. Ignore emotion... and get ready!
AMEX:GDX
by gghsusa
The Absurdly Low Cost of SilverAny good trader or investor will tell you to buy low and sell high. Unfortunately, the masses tend to do the opposite- either because they follow the crowd into popular stocks/assets or they like something too much and make it personal (they believe strongly in something). In my opinion, the best way to actually measure value is to compare it to something. We all know TECH stocks are big right now- and they might continue to be for the next year or two. I don't know. But let's measure a hard asset against tech stocks to compare what is "low" vs "high". You can do this with oil, natural gas, coffee, lumber, toilet paper, etc.. In this case, I'm looking at silver compared to tech stocks (NDX). If you look at SILVER divided by the NASDAQ (SILVER/NDX), you get this really neat ratio that can help to identify the value of silver compared to the NASDAQ and look at the history of how the rotations work. You can be sure, SMART money is all over these ratio's. I prefer to buy low.
TVC:SILVER
by gghsusa
12