Buy at the checkmark tomorrowLooks like a solid back-test of some heavy resistance. Buy 4/20/21 in the AM if there is any more pullback - 35.25-35.45 entry.
GDX trade ideas
GDX breaking out from a multimonth down-trendAMEX:GDX is looking promising with today's breakout from a downward channel that started in August 2020, with OANDA:XAUUSD closing above resistance of USD 1760.
GDX: In the Arc We TrustAMEX:GDX has formed long-term support that has been built upon the arc shown in the chart. Should this arc prove to be true and continue to hold, it will lead us to our SCOTCHstocks initial target range of $52-$60.
Everything shared here is my own opinion and no results are guaranteed. Good luck!
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.
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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.
GDXWe are above 50DMA and we just broke out of a parallel channel. 0.5 Fib. Ret and original Pitch Fork show $38.57 next resistance price. Good luck
Great Technical Bounce from previous supportyep, watch the gold as USD is acting up. SPX and other indexes will need more direcrtions. Watch PCC for reference to take profits.
GL trading!
No FOMO :)
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.
GDX PrimedTook this long this morning risking vs 31.65. Combined effects of infrastructure bill - copper + pm spend, as well as inflation, help this industry tremendously in terms of commodity prices. On top of that, we made a higher low recently which is technically bullish. TGT 40 for me on this for $1.35 of risk.
$GDX looking constructiveReally like how it held the 31.80 level, strong volume on Wednesday/Thursday. Starting to look good to me.
𝗚𝗼𝗹𝗱 𝗠𝗶𝗻𝗲𝗿𝘀 𝗨𝗽𝗱𝗮𝘁𝗲: $GDX Weekly. Upside CaseHas been in this channel for sometime now. Tested key level in 31s and blue TL. Over 35-36 and we could see a pop into the 40s
$GDXJ $GLD $SLV $GC_F $SI_F $NUGT $DUST $DXY #Trading
Channels Are Deadly AccurateGDX/GOLD slammed into resistance, probable downside incoming, but a very tight fight with very little between both sides.. Not out for the count yet.
gdxgotta jump in at some point eh . I like to use the 4hr ,move stops up and heads up into resistance for the sell
GDX/Gold Pinch PointDescending channel from GDX inception, and an ascending channel from the lows in 2016. GDX has had a strong close into the end of the week, we may see a breakout that will blow our socks off, or we may be left bagholding..
I will be monitoring this very closely as it seems it is all to play for...
Doji Reversal For Gold Investors"A doji candlestick forms when a security's open and close are virtually equal for the given time period and generally signals a reversal pattern for technical analysts. In Japanese, "doji" means blunder or mistake, referring to the rarity of having the open and close price be exactly the same"
