Goldminers swing tradeGold and goldminers set for a rebound to test the top of the regression channel, after the set down following the recent vaccine news.
GDX trade ideas
GDX Biggest Bull Flag in the history of Bull FlagsIt's not a matter of if, it's a matter of when gold breaks out dramatically. Everyone knows that. For my money, GDX looks like the biggest bull flag I've ever seen. But! The US election crazy is not over . We're right in the middle of the flag range. But I could see it going either way. Just like the US election. As of today, I'm leaning 61.8% towards UP and buying accordingly.
GDX - ready to break out ?For now, I am labeling this as 1 - 2 down. In comparison to the $Gold index, GDX held pretty good, retracing only down to %62 area.
Metals have some head wind though, like the rising yield and $dollar. This week is going to be interesting.
GDX : Tentative Signs of LiftoffGDX has broken and closed above its trendline and now needs to either shoot higher or consolidate its position above there before soaring. A break back below the trendline would suggest a fake breakout, but until then, like Gold, the bulls are in charge.
GDX on watchGold has already broken out. I will be watching to see if GDX can follow.
Gold has been very choppy so a rejection at the upper channel line is very possible.
If it breaks, however, we could see a nice bullish move back to highs.
GDX Chart update November 05The impulse wave seems completed after a very nice pullback of the longer term breakout.
Take profits
GDX stop loss 34 ..looking for a target of 50 to 53GDX stop loss 34 ..looking for a target of 50 to 53
Weekly GDX chart showing .Good Flag forming on GDX which bullish. one need to be patient to accumate ETF at support zone 37 to 34.5 and before finally flag break out happens we can expect rally of 13 to 15 points and hence target 50 to 53...
Volatility is confirmed.. I will be adding 10 to 20% of GDX investment at this level..
76.4 % extension support is around 34.52
GDX is going to hit a critical bottomGDX is going to hit a critical bottom in about 1 week or 2. the target for the next multi-month uptrend target is ~55
GDX I'VE BEEN WAITING FOR THIS$nugt $dust $gdxj $jnug $jdst $slv $gld
Renko is not playable in published ideas so I'll update this chart. My last post got little attention and I've been warning people about a sudden drop in gold, silver, miners. We're setting up a new buying opportunity but how low does it go? I would like to see GDX between 28-32. Hold fast.
GDX going down hardA quick note in the anatomy of the Gold Miners breakdown...
Basically,
the USD is ↗️
the SPX / Equities are ↘️
The Gold Price is ↘️
Miners cannot hold out in such scenarios, and technical breakdown mapped as in chart.
Senior Gold Miners working to transition into bullish quadrantSenior Gold Miners working to transition into bullish quadrant. #patience #gold #silver $slv $gld #fintwit $sil $silj $gdx $gdxj $dxy
Gold Miners Have Been SnoozingPrecious metals surged earlier in the year as Covid-19 hammered the economy. They’ve snoozed the last few months but could now be setting up for further gains.
The main feature on VanEck Vectors Gold Miners ETF is its broad triangle forming since the summer. It hasn’t broken out yet, but is worth watching.
Next, GDX has found support at its 100-day simple moving average (SMA). Meanwhile, it’s trying to fight its way up and above the shorter-term 8- and 21-day exponential moving averages (EMAs). Will the longer-term bullish trend reassert itself against the shorter-term bearish/neutral trends?
Finally, you have intermarket conditions: a weak U.S. dollar . The greenback has paused for the last month as traders waited and hoped for a GDP-jolting stimulus package. So far it’s been elusive, and jobless claims have ticked higher. Meanwhile China is steady and Europe has the potential for Brexit resolution in coming weeks. All of those factors argue in favor of a weaker dollar, which in turn would typically support gold miners.
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GDX - working on a breakout!Still has a bit to go but $40.35 to $40.85 or so will tell us a lot. A break of the downtrend line would be very constructive. Would like to see volume pick up.
The wedge could break this weekMiners have bottomed for the quarter and have already started their next leg up
gdxsure looks like more downside, worth a short with a stop at the top, general markets up into elections and Germany iron fist pushing cashola across the pond
GDX micro elliott count, target 42Should get a micro move to 42, and a more big picture move to around 44, targets still tentative. Not the most clear chart pattern, but Fibb supports seem to be holding. Copyright Rohan Karunaratne 2020
