GDX trade ideas
GDXStoch energy patterns to watch for, it needs to cycle the energy. works both ways as marked. Energy dictates price.
Perfect backtest of GDX long term resistance adds fuel to minersBacktest of the GDX long term trendline has occurred at approx 32.5. It has held up till now which confirms the bullish uptrend in the miners and will add a lot of fuel to the next leg higher. However if it does not close thise week above 32.5, expect miners to head much lower. I do not think this will be the case.
Topping looking for weekly higher lowWe are finally getting a top on gdx, lines up with Gold top. As I have stated before this is a raging bull market this weakness will be a buying opportunity. My GDX target is $100 within 2-3 years but in the short term looking for a higher low above 19.64
Unless it reverses todayI think GDX entered a bigger pull back. First look for 31 ish. Short term bearish.
GDX Volume Spread AnalysisAMEX:GDX
looking at lower demand during rally due to a lack of volume, showing that smart money is not interested in propping the market up in the shorter term. as prices approach key supply zone.
1)Possible consolidation and profit taking happening
2)Renewed strength to break out of that level
For now just no action and observing the market.
Sell GDX below 35.40 target 34.84 and 33.75Sell GDX below 35.40 target 34.84 and 33.75 as it showing short term topping pattern.. GDX forming head and shoulder pattern on 4H chart.. stop loss need to be kept at 35.90..
GDXstoch showing it wants to cycle lower, losing energy and cci pinching, gold miners bullish percent still at 92% , over bought.
GDX - Miners moving!GDX is pushing higher and has made it thru FIB resistance and coming to the top end of significant channel resistance. Still has more room to run on longer timeframes looking at RSI and MACD. Still a long way to go for XAU from old highs. Silver also making a nice move today. Last couple days look like start of new leg up in miners and metals. Watching very closely.
GDX entry pointGDX broke out on Friday. The 50MA is above the 150MA. Wait for the entry point for long close to the up trend line (at about 35-36)
GDX bullish to neutral as its getting a bit frothy Playing this one a bit to the neutral side .
Looking to SELL CALLs over 38
SELL PUTS under 32
I’m bullish on the miners, but expect a pullback and selling strangles will give me some wiggle room for a pullback .
Most likely land in July to grab more premium .
GDX stop loss hit 33.61.. risk of going down to 32.25GDX stop loss hit 33.61.. and further breaking down will result in going down to 32.25 as it is showing head and shoulder top.. Be cautious if your long protect your capital. Go short stop loss 34.25 and target 32.25 if interested.
Sell signal triggered Swing sell signal triggered today. To be confirmed tomorrow at the open but ... looking good. ... Also triggered on GDXJ but a bit less convincing. To be followed up on...
The above are for education and entertainment only. They must not be interpreted as investment advice nor recommendations. Trade at your own risk and mostly, trade safely and keep safe!
Cheers!
GDX hourly looks like a HSHowever, need confirmation. Also need quick movement. If it test and bounce back, maybe a few times, I would not think that's high confidence setup.
31.5 to 32 area should still work as strong support.
GDX - 7 Year BreakoutNew multi-month support at $32.
GDX needs to stay above $32 for the rally to resume.
Sell Signals triggered My system has sent me a short signal and I have seen confirmation of the candles. What does your system say? The miners have enjoyed some upside but it is time to give the bears a chance before they rocket up towards 38-39. Money management will keep you in this chess game the opponents are ruthless.
Gold and Gold Miners to have a pull back soonMy gut tells me that gold is going up (probably to 1775-1800) and gold miners are headed up too. HOWEVER, there appears to be negative divergence on both gold and GDX. A more patient (and wiser) trader than me would wait for that upward trend to be broken, then short this baby! Unfortunately I keep getting burned by Swing FOMO!!!
GDX simple thoughtI would just use 34 for continuation of long. Below 33 I would short.
Longer term it certainly has good potential to continue the upside. Short term too many possibilities. So let's keep it simple.
GDX still on track as long as 33.60 support is held next weekGDX still on track for target 37 as long as 33.60 support is held next week . So strict stop loss need to be kept it 33.60 for uptrend to continue. Always protect your capital for the next trade..1% or 2% stop loss need to be kept for any trade...
