GDX - !GDX is flirting with an important level that marks the breakout area from last year's massive sell off. Looking left we can see this level has a bit of history. Resistance in the 33-34.50 area is heavy but I think we are headed higher. Sentiment is awful and RSI is telling me something is amiss. If the Fed doesn't accelerate its tapering program gold could catch a bid.
GDX trade ideas
Trying to make sense of a complex correction.A possible combination of ZIG ZAG followed by a FLAT pattern and it should be completing soon. The 5th wave of the C wave could be an ending diagonal pattern, if so the reversal could be very fast.
The bearish alternative is that next bounce could be a B wave that retests the May high, then back down again in a C wave.
GDX Daily TimeframeSNIPER STRATEGY (new version)
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NOT ALL TARGETS CAN BE ACHIEVED, let's make that clear.
TARGETS OR ENTRY PRICES ARE STRONG SUPPORT AND RESISTANCE LEVELS.
ENTRY PRICE BLACK COLOR
TARGETS GREEN COLOR
STOP LOSS RED COLOR
DO NOT USE THIS STROTEGY FOR LEVERAGED TRADING.
It will not give you the whole wave like any other strategy out there but it will give you a huge part of the wave.
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GDX Going Long From Strong Support Levels Chart looks great, planning to enter calls expiring about a month out and trade into the resistance line, think there is more consolidation ahead before we see a strong enough uptrend to break that resistance. I Like The support level we are holding, good upside and holding a tight stop loss if it breaks under $30 to the downside.
Computers vs. Humans
Algorithmic trading is a method of executing orders using automated pre-programmed trading instructions accounting for variables such as time, price and volume.
In the U.S. stock market and many other developed financial markets, about 70-80 percent of overall trading volume is generated through algorithmic trading.
The increasing effect of Algorithmic Trading.
Example 1: Unusual correlation between the GDX and COMEX Sl1 Silver Futures.
Even if the price of spot Gold ascends; the share price of the Gold Mining stocks tend not to move until the spot Silver price increases.
$GDX $GDXJ looking weak ($GOLD)I can see many people are still defending on the gold drop recently and hopeful that it will go towards ATH again.
Think again, what's the value of gold based on ? Sentiments !!! and also they think it hedges against inflation. Well, inflation is truly here but it's not a problem. Central banks are printing money to provide liquidity and this aint going to be a problem.
They dont use gold much for industrial use.
Looking at GDC and GDXJ both are looking weak and all on downtrend.
The charts tell you all the stories.. past, present and future.
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GDX H16: SWING: Accumulation / BUY DIPS 35% gains (SL/TP)(NEW)
IMPORTANT NOTE: speculative setup. do your own
due dill. use STOP LOSS. don't overleverage.
🔸 Summary and potential trade setup
::: GDX 16hour/candle chart review
::: TP BULLS is 35% gains soon
::: XANCD setup in progress
::: speculative setup / do your own due dill
::: BUY/HOLD SETUP
::: chart looks strong right now
::: strong bottom confirmed with 3 tests
::: expecting more gains after DIP
::: BULLS should focus on buying DIPS
::: September strong month SILVER / GOLD
::: recommended strategy: BUY DIPS
::: near 33/35 best reload BULLS
::: TP BULLS is 35%+ gains
::: if there's a mild dip just buy it
::: BUY/HOLD - swing trade settup
::: SWING trade setup do not expect
::: fast/miracle overnights gains here
::: good luck traders
🔸 Supply/Demand Zones
::: N/A
::: N/A
🔸 Other noteworthy technicals/fundies
::: TD9 /Combo update: N/A
::: Sentiment short-term: pullback/DIPS
::: Sentiment outlook mid-term: BULLS/REVERSAL
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safe haven swingBought some weeklies today to see if gold breaks out. Will probably keep rolling out & up if the s**t hits the fan.
I can get behind the argument there's too much liquidity and rolling corrections to continue, but when the ^TNX slides like this that scapegoat-speak only lasts as long as the stimmys, we have some structural issues on the horizon. There's some weird fits & starts on certain sectors today, but all things being equal, valuations looked exhausted...a proper 12%+ downdraft really in the cards, or at least the talk of losing your shirt should be discussed...
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.