GDX: long till 25-26We had the cycle low at 30. April and we should start soon rising to 25 Region. Later on 22...
GDX trade ideas
Double bottom forming in Gold Miners $GDX50 EMA crossing down over 200 EMA, 20EMA crossing down over 50EMA - $GDX (Gold and the miners) are going down from here. TTM Squeeze on daily chart so this should be a big move.
$GLD $GDXJ $NUGT $JNUG $SLV $JDST $DUST
However - since 200ema is flat and double bottom forming on the chart - this week would be a good time to buy back your calls and sell puts. Since this is a daily chart and the move looks large you could buy a straddle at the end of this week.
Trap is set $GDX Miners about to move Reason's $GDX is about to make a move
Volatility is coiled - Bollinger Bands have retreated into the Keltner Bands
Trend is flat to down on the weekly, daily and hourly chart looking at the 200 EMA
20EMA crossed down over the 50EMA
Price retraced to 20EMA
My suggestions:
1. Sell Calls
2. Buy Puts (if the premium is there)
3. Sell Spreads
4. Buy 3X ETF and buy a put to make a collar
There will probably be another piece of news that the trade deal will get better and gold will get smashed down.
$GDX (Gold) Going LowerIf there isn't a disaster in Iran within the next few weeks - gold will be going lower. TTM Squueze is coiling on 15 minute chart, 1 hour and 4 hour. The daily chart shows the price testing the 20 EMA after crossing over the 50 EMA which is a bearish signal. I would buy puts now or sell calls and buy them back in 1-2 weeks.
Break in range soon,Anticipating bullish move if daily resistance in major indices and dollar continues. If major indices break their daily resistance, easy move to 20 is in the cards. Option chain is bullish at 0.18.
Vaneck Vectors ETF: Medium term sell opportunity.GDX has printed a Death Cross (MA50 crossing below the MA200) on a similar trading pattern as in 2016. The RSI price sequence is also identical, indicating that at least one more bearish sequence is due. With MACD turning at -0.277, it is an optimal opportunity to short. Our TP is 19.00.
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Jun 21 - GDX - Bear Call SpreadGDX 21-Jun-19
IV30: 22.1, IVR: 41%, ATMIV: 22.9
+0.31D Long 1 Call: 22 Strike @ $0.35
-0.51D Short 1 Call: 21 Strike @ $0.72
-0.20D Credit: $0.37
PCR: 43:57
Comments:
GDX is starting to sell off (RSI<30) on weekly chart. Expecting price to stay below 21 for atleast next 2 weeks.
GDX - Gap closedDespite the good NFP data gold is bouncing.
If you watch closely the GDX chart yesterday we broke below an important support of
20.25. As of today it should have become a resistance instead of a back test we are above 20.25 again.
In my books it's a false breakdown.
We not just closed the gap but broke below the 200 SMA.
The chance is extremely high that the miners bottomed yesterday.
One can wait for a close above the 200 SMA with the buying, but with the RSI divergence and the MACD close to cross over I'm buying here.
If a rally is beginning here it might be legendary.
$XAUUSD $GDX 20% pop to year end - BARRONSbarrons.com/articles/gold-could-rally-by-20-in-the-second-half-51556875802
GDX - Metals Trading | Elliott Wave Structures I Q2 2019*If you like this idea please support it with a like so I can publish more. Thanks!
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GDX - Elliott Wave Outlook
Bullish Swings - Patterns:
ABC swing in Intermediate (A) (green
Simple Correction in Intermediate (B) (green)
Ending Diagonal in Intermediate (C) (green)
Bearish Swings - Patterns
Sharp Bearish Impulse in Intermediate (A) (light blue)
Simple Correction in Intermediate (B) (light blue)
Ending Diagonal in Intermediate (C) (light blue)
Bullish Harmonic Pattern
Next expected swing:
Bullish leg in an attempt to reenter the Channel.
Structure change:
A breach on the down-side in an impulsive manner could lead towards a down-trend confirmation for Precious Metals.
GDX 5 Wave Up? Watching how GDX reacts to $20.50-$21.30 level to see if it can move up on 5th wave in the medium term. Long-term chart is quite confusing. Wave 2 looks quite complicated, has potentially to not be done and retrace almost all of Wave 1. See how it performs in the Med term to see which way it will go.
The metals (GC, SI) are pulling back which can coincide with GDX's move back down to $20.50-$21.30 and then keep moving up
Elliott Wave View: More Weakness in GDXElliott Wave view calls the decline in Gold Miners ETF (GDX) from March 27, 2019 high ($23.40) as an impulse structure. In the chart below, wave 2 of that impulse ended at $22.93. Down from there, wave 3 ended at $20.67 and wave 4 ended at $21.43. The miners still need to break below wave 3 at $20.67 to validate the view and avoid a double correction. The internal of wave 3 subdivides as an impulse Elliott Wave structure of lesser degree. Wave ((i)) of 3 ended at $21.89 and wave ((ii)) of 3 ended at $22.29. Down from there, wave ((iii)) of 3 ended at $20.71, wave ((iv)) of 3 ended at $20.97, and wave ((v)) of 3 ended at $20.67.
Wave 4 bounce unfolded as a zigzag Elliott Wave structure. Wave ((a)) ended at $21.19, wave ((b)) ended at $20.76, and wave ((c)) of 4 ended at $21.43. Near term, while bounce stays below $21.43, and more importantly below $22.93, expect the miners to extend lower. Potential target to the downside for wave 5 is $19.6 – $20, which is where wave 1 = wave 5.
GDX -Waiting for a buy setupWe are getting closer and closer to an important buying opportunity in gold miners.
Though yesterday we almost tagged the 200 SMA and bounced I still don't see that buying opportunity what i like to see at the gold miners bottom.
At the beginning of today's trading we broke above yesterday's high which is usually a buy signal but after a few hours of trading we gave back all the gains and closed in the red.
I think we are quite close to the bottom in days - 4-5 days only - but these last few days can be extremely scary as we print the cycle lows.
First of all I dont see the volume spike what usually occurs at these intermediate bottoms:
The other thing that we stiill have a gap between 20.5 and 20.8 which pulling down price like a magnet:
Today was the 5th day since we broke below an important level at 21.41 and usually these breakdowns lasting for 7-8 trading days:
Today was day 5 of the breakdown.
So I would wait with the buying till next week in the miners as we might have 3-4 red days ahead in the upcomong trading sessions.
Gold Miners - Take Profits SoonThis is a continuation of my previous post on gold miners. I would recommend checking out that post and the updates to get up to speed on the current trade.
Profits so far should be at least 15% if you’re trading leveraged ETF ($DUST). Personally at around 20% gain so far in the trade.
I plan to take profits on the entire DUST position soon since GDX is getting close to oversold levels. Probably has a few more days of selling to go based on today’s heavy downward momentum.
Maintain overall bearish view of gold miners as long as there is a lack of negative macro news flow to boost gold prices. I’ll be updating this post daily in case general market sentiment start reversing from positive to negative, check this post regularly if you want to get a head start on trading the reversal!
You can try to scalp the bounce off the support once GDX is oversold, but don’t over-commit because it’s hard to precisely say how much it’ll bounce.
GDX(daily chart). At sup TL, 200, WW target, Gartley, Butterfly.GDX(daily chart). At sup TL, 200, WW target, Gartley, Butterfly.
GDX Looking to continueA few days ago I posted a video showing the potential drop on AMEX:GDX . You can see it here .
It has done as expected.
Now, with the moving average crossover and the consistent volume on this bearish move, there is a strong chance to see a bit of a rally soon and then continuation. It is a great chance to consider entering short on a rally to either add to an existing position, or to enter a first position.
GDX - Signalling a long-term up-move?The bottom in the precious metals has been forming since early 2016. As you can see from the chart of the ETF for the gold miners, GDX, it had a quick rally that year and then went into another sideways pattern until January 2019. Now the chart appears to be getting ready for a stronger up-move.
You can see that a long, bullish potential inverse “head and shoulder” pattern has formed.
A breakout in the near-term would mean that the early 2016 low was a false downside breakout on a major (longer-term) scale. Such breakouts usually have very strong moves in the opposite direction, in this case upward.
For more insights on Gold and our long-term forecast, get our free report "Why Gold Could rise for the Next 10 Years".
gdx broadening?$nugt $dust $gdx $gdxj $jnug $jdst $gdxj
Potential for more pain for miners before a powerful run up
