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VanEck Gold Miners ETF

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GDX trade ideas

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. TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
AMEX:GDX
by TradeStation
1
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
GDX just giving way...Tracking gold, one can buy GDX, the Gold Miners ETF, and the associated specific funds. Having tracked Gold closely for the past three years, the white arrow marks a rough but a real exit point. Today the perfect storm is set... and pre-opening shows a gap down type of breakdown. Previously explained why and how GDX would not be doing well and when it should be doing well. IMHO, This is probably a deep retracement. Fun times to come! Here it goes part II.
AMEX:GDXShort
by Auguraltrader
1
Mining for Gold: GDX Daily ChartGDX is currently inside of two triangles and nearing the narrow-angle of the triangle. With that said, we are looking for GDX to either break up or break down. i don't know which way it'll turn but will start preparing for a move one way or the other. Here is what I am seeing: It looks like GDX is sitting on the edge of triangle 1 and could go lower to the second triangle which offers support at around the 40 to 40.50 range. If support at 40 fails, the next level of support is at 37.75. both of these prices are good buying opportunities. There is a good chance that there will be a momentary bounce early Monday morning with resistance at around 43 to 43.50. GDX may be able to blast through that resistance and test the previous high at 46. If you are bullish on GDX you may want to consider option spreads on GDX Watch out for head fakes and look for confirmation on a directional move. Best wishes are you mine for gold.
AMEX:GDX
by javadarain