GDXFolks ....view this nice bounce on exact point that i have mentioned to you ..... interesting enough.....
my last analysis:https://www.tradingview.com/chart/GDX/T4rwl6m2-GDX/
GoooooD LucK
GDX trade ideas
GDX Lower Low Sequence Supports More DownsideThe short-term Elliott wave view in GDX suggests that the cycle from the 5 May 2023 peak is showing a 5 swings lower low sequence in higher time frame charts. Supporting more downside in the instrument. The decline from that peak is unfolding as an Elliott wave zigzag correction where wave (A) ended at $30.11 low. Wave (B) bounce unfolded as a lesser degree flat correction where wave A ended at $32.30 high. Wave B ended at $28.76 low, and wave C ended at $32.92 high thus completing wave (B).
Down from wave (B) high the decline is unfolding as an impulse sequence favoring more weakness. Whereas wave ((i)) ended at $31.01 low. Wave ((ii)) ended at $31.98 high, wave ((iii)) ended at $28.67 low, wave ((iv)) ended at $29.61 high. Below from there, wave ((v)) remains in progress with a minimum extension target coming at $28.45- $28.09 area lower before the next bounce happens. Near-term, as far as bounces fail below $31.98 & more importantly below $32.92 high the GDX is expected to extend lower to reach the extreme from May peak towards $26.77- $22.98 target area before a turn in favor of the ETF happens.
GDXHi,my first target for going long on GDX is 27.5__28....be ready for that ,by the way i will start that after gold decline....
what is your comment ?
Good luck
GDX - Pitchforks and Algos - who will win?GDX has a fairly clean set up if one looks deep enough. If Algos and pitchforks are the best plays in trading then you've come to the chart for you. Some simple insights for anyone interested. Algos - sell side algo is active and suggest a target of less than zero -$0.74 ish, buy side algo suggest one of those red lines above will get tagged. Pitchforks say that the median line has an 80% chance to get tagged once defined, and if this does not occur a move equal to or greater than the last pivot will occur. IMO, the sell side pitchfork median line will be very hard to achieve, hence the higher targets for GDX, but not after it completes another 5 waves down into this buy side algo (this second tap should give it the fuel it needs to get to that white zone (which aligns with the last pivot for the sell side pitchfork) and it could give it enough juice to make a nice double top for GDX before it heads towards $12.40 or lower. Some EW on the chart too. Yellow region gives me the thought to go higher as it is tough to get a motive count from it. Could also be setting up an EW 1:2, 1:2 off the lows, but that is very low probability atm. GLTA!
#GDX possible reversal levelsThe activity of the options market confirms the liquidity that shown on the graph.
Which side will they choose?
Stay tuned and will find out.
We consider levels to be activity zones, but not to be a super-fine level for establishing a limit order. Use them in combination with our own strategy, not in alone.
Gold Miners ETF (GDX) Bullish View Showing Impulsive RallyRally in Gold Miners ETF (GDX) from 6.29.2023 low is in progress as a 5 waves impulse, favoring further upside. Up from 6.29.2023 low, wave 1 ended at 30.8 as the chart below shows. Pullback in wave 2 ended at 28.91 with internal subdivision as a zigzag structure. Down from wave 1, wave ((a)) ended at 29.74, rally in wave ((b)) ended at 30.03, and wave ((c)) lower ended at 28.91 which also completed wave 2. Wave 3 is currently in progress with internal subdivision as a 5 waves impulse in lesser degree.
Up from wave 2, wave ((i)) ended at 29.82 and dips in wave ((ii)) ended at 29.20. The ETF then extends higher again in wave ((iii)). Up from wave ((ii)), wave (i) ended at 30.47 and pullback in wave (ii) ended at 30.03. The ETF then extends higher again in wave (iii) towards 32.26 and pullback in wave (iv) ended at 31.96. The ETF made another leg higher in wave (v) towards 32.4 which completed wave ((iii)). Pullback in wave ((iv)) ended at 31.48 as a zigzag. Down from wave ((iii)), wave (a) ended at 31.9, wave (b) ended at 32.38 and wave (c) lower ended at 31.48. Expect the ETF to make 1 more push higher to complete wave ((v)) of 3. Afterwards, it should pullback in wave 4 to correct cycle from 7.6.2023 low before it resumes higher. Near term, as far as pivot at 28.91 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.
GDX could shoot as high as $40.00 in the next 30 or so daysGDX is forming a heads and shoulder pattern that potential shows the stock rising as high as $40.00. There are a few resistances that GSX will need to break through. I believe the first one is around 32.33 (Very close now), then between ($33.00 and $33.40) and finally around $36.40. What are your thoughts?
GDX - Time to shine ? GDX showing signs of green shoots. If it can break $30.60 we could see a relief rally back towards $35.
RSI divergence + some bullish candle closes.
A move below $27 negates the idea.
GDX heading down... It has been more than 6 months since I looked at GDX proper. Yes, I might have missed the last Gold/GDX rally, but I think that short run is about over...
Looking at the weekly chart for GDX, a decisive lowest close since March 2023 is representative of a end of a bull trend, if it is not already obvious enough. The near marubozu type down candle came after a quick dip and a lower high, to get a close near the lower low... which just prevails the downward momentum.
Few other notes...
1. a trendline support breakdown this coming week would accentuate the downside bias;
2. the MACD and VolDiv have crossed down and looks determined to crossunder the zero line;
3. any further breakdown bring it into the previous consolidation range. And a break in into the range suggest an extrusion on the other (lower) side of the range;
4. Noted that the USD appear to be gaining strength and the equity markets are about ripe for a retracement. Furthermore, the Gold analysis point to a further slide in Gold prices. Taken together, these 3 critical pillars for GDX are impacted, whcih gives little for the bullish case on GDX.
Down it goes... heads up!
GDXBuy some GDX here in the FED channel bottom area and we are constantly finding dollar strength selling pressure on gold
By closing the previous week on the chart, we find selling pressure, and by breaking the channel drawn on the charts, we find it at the next levels
26.55
25.16
$GDX #GDX why no one is yelling here ?reaching out to the bottom of current trend is not an option , trades are made daily here , little oversold doesn't counts here either .. in my opinion dips are must to be bough today , yes it's Friday
GDX: Will you make it? 💪This is what we ask GDX regarding our primary scenario. The ETF has shown momentum in both directions: upward and downward. However, we expect the bulls to win this fight, pushing GDX above the resistance at $32.58 and into the turquoise zone between $33.93 and $35.57. There it should finish wave ii in turquoise and turn southward again, heading back below $32.58. However, our secondary scenario shouldn’t be disregarded! There is a 40% chance for the bears to triumph. In that case, we would have to wait for wave alt.(5) in yellow to expand first, which would then include a new low.
GDX ETF BullishHI again ..... see this chart really bullish on That ... I am looking to enter my long on that littile by little ....
observe dollar cost aweraging .....dont fomo.....little by little do that not by whole of your account ..
comments below
Bearish on DXY dollar indexGuys lets mention this relation : inverse correlation between DXY and GDX chart ,,,,, that is clean for your decision ....
I am sure we find big resistance around 105 for DXY .......
Good luck
manage risk Hi guys when you want to buy the thing like this we know the probability favours to increase and every thing shows us we may have good bounce up .........
But you should manage your risk and as an example put 300$ in 1 stage and put 600$ and ......3
this protect you from loss
consider in these kinds of stuff me personally use mental stop loss not physical type .
lets argue about that on comment section .......
Good luck .
Gold Miners 2 Day TF I anticipate a 20% movement in gold miners in the upcoming weeks, following its breakthrough of a resistance level which now serves as a support level. Additionally, silver has broken and found support in above a channel , indicating a potential bullish swing in gold. Once gold closes above its declining trend line, which I expect to happen, it may accelerate towards the 2050 mark.
Bullish on GDXHi .... Guys you want to make money by good bounce ? dont miss this opportunity .....
look at 30 odd number good support to get a bounce from that ...
but consider price could pierce 29 and dont forget aweraging your entry point .....
always chase high probability....
what is in your mind ??
GDX PLAYBULLISH ABOVE 32.24
BEARISH BELOW 31.48
I may take an intraday put position below 32.02
Price is testing weekly 32.24 level if it break and hold I’m looking to go bullish.
$GDX short term support & major supportAMEX:GDX short term support at the 50 day moving average next major support will be around $30
Gold miners long term triangleThis chart pattern has been forming since 2011. It is a triangle merging an uptrend and a downtrend that are potentially converging in the near future.
Raining Gold"When it's raining gold, reach for a bucket, not a thimble."
- Warren Buffet
Hello friends. We think that this is a big opportunity to get bullish exposure to gold miners, and it's good to adjust the sizing according to the edge so we are building a big long position for gold miners.
There are several factors that make this a great time to get long.
For one thing, gold miners are simply priced well. They are trading at a cheap P/E ratio average of 16.6 presently, down by a lot from the bubble highs.
Another factor to consider is seasonality. Gold enters an enormously bullish period in September and then continues to rally through the end of the year with the exception of October.
A big factor that the market isn't even seeming to consider is the fact that gasoline futures have now fallen by around 40%, which is a good sign that inflation has peaked and also means a lower cost basis for the gold produced by gold miners since they use up gasoline and many other commodities within their process of extracting gold. Cheaper gasoline will mean the other commodities used in production can also get cheaper.
