GDX Weekly, 31 - 32 zone break out For GDX, a break out above the 31- 32 price resistance zone is take off for the senior miners, will be a bullish trend release going back to early 2013, when the bear market go serious shape
GDX trade ideas
Gold Miners in a dual pattern breakout - Rally Alert!Just building up, the GDX Gold Miners, which were lagging Gold prices for a while, is now on the verge of a breakout... from a tilted Cup & Handle Pattern, as well as a Triangle.
MACD and OBV are bullishly supportive, and momentum is strong.
A breakout sets an upside target of 32.50.
Enjoy the ride!
Gold miners - laggards in a rallyGold is rallying very hard, and the GDX Gold miners ETF is lagging behind. It is only a matter of time before it catches up, and is already beginning that catch up journey. This morning, it is up 1.5% and launching off, after a higher low bounce off a support region (grey box). Technicals are supportive, as is correlation to Gold prices. The MACD crossed up after consolidation. By next week, it should be breaking out over the trendline, and upside is >15% to target.
Shining Gold Miners02/21
Gold miners are ready to shine when crossing final line 30-31. Double Cup-with-handle patterns are solid foundation for potential long uptrend.
GDX = still working...To take out 2016 high and September high. Clear breakout of the flag and held coming out at halfway of channel. Looks like it may need a little breather if its gonna push higher. Gold and NEM trading at multi year highs. RSI and MACD favorable. Moving averages looking good. Core portfolio position. Hang on!
#gold consolidates in $1630s miners lag min 10% $GDX $NUGT $DUSTIt is uncharacteristic for the miners to lag in this way, usually, it goes the other way around.
The explanation is simply that the S&P is near all-time highs and has signaled repeatedly to short the gold mining companies and ETFs.
GDX resistance in the $31 region is not likely to hold this time. Gold miners are seeing all-time record profits due to gold reaching new all-time highs in every currency but the US dollar ( XAUUSD ) and Swiss Franc ( XAUCHF .) Most mining costs are incurred in other currencies where gold has been hitting all-time highs repeatedly for many months.
Shorting of the miners are will be bad for business as these levels are pierced.
BOOMing Part IBoom in gold is gonna come fast. $1700 could be within the next 2 weeks. $31 for GDX. GDX could move even faster. Staying long on both. External factors, of course, seem to be only positive for both. Impossible to quantify black swans... at least for us amateurs.
Waiting for bullish breakout on Cup and Handle PatternExpecting a breakout and move up coming soon. Miners are down on the year so far, yet Gold is up, miners underperformed earnings in 2019 this, just like silver will catch up to reality.
BOOM!Something big is about to happen. GDX was way ahead of itself and gold. That's about to adjust... UP
GDX. Bear trap? Seems like we are ready for the next Leg up. GDX. Bear trap? Seems like we are ready for the next Leg up.
On RSI we have divergence and the price still holding on Fib .50 and .62 retracement. We can expect bull reaction and the next week we wiil see the earnings reports of GOLD (Barrick).
Now, adding long positions on GDX, NUGT. Also, Silver´s price is close to "Golden cross" on weekly chart.
GDX - still needs time to correctGDX closed on the lows of the day and particularly weak. I like this to touch flag support before it is ready to resume its uptrend. RSI and MACD still with work to do and moving averages not ideal. Looking to buy when I start seeing prices in the low 27s but will be cautious as support could be breached depending on other market action. Looking to get long but not yet. Still maintaining my DUST position.
GDX to 24Maybe lower, but the gap is the target. If it closes back over the trendline it's a long for sure!
good luck
GDX - Looking to buy at $23Hello, I won't make comments for this chart I will link GDXJ that I did, assumptions are the same/similar
GDX - still in Show Me mode!Despite a $15 move up in gold, a 600 point down day, global weakness in stocks, sinking treasury yields, inversion of 3's v 10's, coronavirus, bad PMI, and truly a whole host of other bad news, GDX is struggling to take out resistance. I have been dumbfounded lately trying to figure this out. Perhaps on Monday when Chinese markets get killed and US futures are down big, maybe then we will see a spike. GDX needs to take out 31 to convince me that it has legs. NEM closed very weak today. Just not sure what to make of this but I am watching it very closely as I have recently established a long position in DUST which is something completely new to me that I am not necessarily comfortable with. Not fighting the trend just feel like there is something out there that will tame old and silver for a little while before their next significant moves up.
The GDX is about to break out!The GDX ETF is about to break out. Initial target is the high 40 as this is the next resistance level. This also coincides with the 50% fibonacci retracement level. I would expect some consolidation following this target being met, eventually heading higher.
OPENING: GDX MAY 15TH 26/33 SHORT STRANGLE... for a 1.01 credit.
Notes: Re-upping a gold miners play in the first expiry in which the at-the-money short straddle pays greater than 10% of the value of the underlying.
GDX – Turned Bullish on Daily - $32 Price TargetChart Details
Price on Daily keeping yellow support. Best entry would be close to yellow support (on pullback).
Bullish price action – higher highs and higher lows daily.
Gaps to fill up to $37.
Conservative price target of $32 to fill first gap.
RSI channel is our guide to enter or exit until channel guides are violated.
Opinion
I had three hedges for market downturn in play, instead of taking specific bearish plays on SPY for example.
GDX, SCO, and SPXS have all been good hedges when purchased at correct time (market ATH's with weekly RSI over 80-85)
With coronavirus, oil conflicts, Iran, market overpriced, negative interest....yada yada...there are a number of bubbles or events ready to pop.
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GDX - time for a breather?I've been watching this closely as GDX failed to take out the high that began the run in 2016 and failed to take out the high from September. Gold has had a tremendous run ($300 plus) but the miners which typically lead upturns and downturns seem to be telling us something. If the overall market is risk on a la INTC earnings and the like, then the metals space may be in for more consolidation before heading up again. GDX has support in the $25 area and I would be surprised to see a break below 25. I have drawn in trend line support that could come into play should the control line that marks the 2016-2020 run fail. That line would mean something in the $23-$24 range. I sold all GDX and NUGT over the last couple days debating where this is headed. Again, my gut says GDX should have taken out the prior highs around $32 and it did not in the context of a "new bull market." GLD indicators show overbought and turning down. GDX may look to find lower numbers on MACD and RSI as well. Long DUST for now.
Bull GDX. Great entry!! Now Up to 30 level.Great moment for Gold Miners and precious metals. Excellent entry on 28.20. Now second wave, directly to 30 Level.
