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VanEck Gold Miners ETF

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GDX trade ideas

Gold Miner ETF Hitting TrendlineGold miners are one of the worst-performing corners of the market this year. They’ve bounced recently, creating a potential opportunity for the bears. This chart of the Market Vectors Gold Miners ETF shows the downward-sloping trendline in place since August. Notice how prices are stalling after touching it again. Second, the 100-day simple moving average (SMA) is around the same level. This is similar to its last intermediate peak in early January. Third, notice how stochastics show an overbought condition. Finally, the current zone around $34 has a lot of relevance running back to last summer. It’s where prices rallied out of a bullish flag in June and then held in late November. It remained the bottom through February. If GDX remains below it, the verdict could be: “old support, new resistance.” The macro backdrop is also negative for gold because the economy is rebounding and earnings are expected to surge this reporting season. TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
AMEX:GDXShort
by TradeStation
time to go long GDXThere is a double bottom that has formed in the GOLD spot price itself. The best way to play this is GDX in my opinion. This has been sold off heavily and looks to be ready to break the downtrend with the combination of the double bottom in the gold bullion prices that will allow the miners to have even more pricing power in this inflationary time. I'd also include Cathie Woods ARKX space etf has had a historic launch with massive inflows. There will be more demand for gold with the space components needed to explore the next frontier. If you analyze the underlying holdings of ARKX, it is very intriguing. A lot has to do with the actual manufacturing of the spacecraft. Only a small position in SPCE.
AMEX:GDXLong
by EBITDAtiger
GDX Elliott Wave View: Showing Corrective BounceShort term Elliott wave view in GDX suggests that it is doing a recovery from March 03, 2021 low in a corrective structure. The internals of that bounce is unfolding as Elliott wave zigzag structure where the first leg of the bounce ended in wave A at $34.48 high. Down from there, the GDX made a 3 wave pullback in wave B with another lesser degree zigzag structure. While the lesser degree wave ((a)) ended in 5 waves at $31.91 low. Wave ((b)) bounce ended in 3 swings at $32.96 high and wave ((c)) ended at $31.65 low thus completed wave B pullback. Afterward, the ETF is trading higher in the next leg higher within wave C. The internals of the current bounce is unfolding as an impulse sequence where wave ((i)) ended at $32.79 high. Wave ((ii)) ended at $32.42 low, wave ((iii)) ended at $34.59 high and wave ((iv)) ended at $33.83 low. Near-term, as far as the pivot from $31.65 low stays intact then GDX is expected to take the extension higher in wave ((v)) towards $35.47- $37.83 area higher. Before it ends the cycle from 03, 2021 low in a zigzag structure & consequently the correction against the cycle from January 05, 2021 peak.
AMEX:GDX
by Elliottwave-Forecast