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GDX trade ideas

GDX - A Tale of Two RoadsA path is never in a straight line, but trends do tend to remain until broken. GDX's trend has been mostly down since its rise into the glistening lights offered around $66 just over a decade ago. Many have rode beside this golden hue over the past decade and wondered if it will ever reclaim its once radiant luster... the truth is no one really knows, but using the past as a precursor one can glimmer an ounce of perception in the hopes it will unfold in that direction. I present two roads for GDX to follow... neither will be exact (especially in time), but one could offer some respite for the wary traveler that has so faithfully remained by this golden hue's side. Candles will be our North Star for this journey, and currently the 3 month candle is a doji - if this star becomes a shooting one, then the bearish odds will intensify, if this star becomes a continuation/green candle (closing in the small rectangle), then the bullish odds will resume for at least a few more months. The Monthly candle has engulfed most of the bullish momo, and if a monthly candle closes below the danger zone, then the 1:2, 1:2 bullish set up (yellow path) is likely negated. The Elliot Observer would like to offer food for thought, 5 waves down is always followed by another 5 waves down... this should hold true even if GDX has never been impulsive. GLTA!
AMEX:GDXShort
by kstrizzle001
GDX Technical Support Outlined...Here we are looking at GDX on the Daily TF… This analysis will be fairly brief, as the chart is crystal clear as of right now. Here you can see that GDX has retraced since its most recent uptrend which began in November of 2022. Currently, I am expect GDX to bounce off of the strong technical support as marked by the horizontal line (yellow). This outlined support line hasn’t been re-tested since its break out from it (as previous resistance) which led to its run up as previously mentioned. Now, we can expect GDX to attempt to bounce from this line, and turn this previous resistance into newfound support. 
It’s as simple as that… Let me know what you think BTC is going to do next in the comments! Cheers!!
AMEX:GDXLong
by GarethSolowayOfficial
10
Canary down the gold mine I think GDX is a good marker for risk for medium to longer term Apart from diehard metals bugs it’s an unloved sector One narrative is that risk appetites have changed and most people would prefer to invest in tech, but tech has been decimated over the last year There’s another narrative that crypto has made this sector less relevant The charts show a bubble that popped in 2011 and a major downtrend from there (blue) But what we also see is an uptrend since 2015 I believe miners broke out when gold did in 2015 And I believe both are in bull markets, post significant corrections If gold is going to be relevant as we edge towards 2030, miners need to prove it now We shall see if the golden Age of Aquarius is indeed real I’m targeting 50 for Gdx this year, but as with most things depends on the dollar The majority believe the dollar just bottomed I don’t GRI 2023 DYOR
AMEX:GDXLong
by Great_Reset_Investing
GDX Dips Likely to Find Support in 3, 7, 11 Elliott Wave Swing1 hour chart of Gold Miners ETF (GDX) below shows that the pullback to 27.54 ended wave (2). The ETF has since extended higher in wave (3). Internal subdivision of wave (3) is in a 5 waves impulsive Elliott Wave structure. Up from wave (2), wave ((i)) ended at 29.32 and pullback in wave ((ii)) ended at 28.12. Then the ETF rallied higher in a nest. Up from wave ((ii)), wave (i) ended at 29.99 and dips in wave (ii) ended at 28.41. Wave (iii) ended at 31.98 and pullback in wave (iv) ended at 31.26. Final leg wave (v) ended at 32.75 which completed wave ((iii)). Pullback in wave ((iv)) is ongoing as a zigzag where wave (a) ended at 31.94 and rally in wave (b) ended at 32.65. Wave (c) lower is expected to end soon which also complete wave ((iv)). Afterwards, the ETF should rally higher in wave ((v)) before ending wave 1 and cycle from 12.20.2022 low. GDX should then pullback in wave 2 to correct the cycle from 12.20.2022 low in larger degree before the rally resumes. As far as pivot at 12.20.2022 low (27.54) remains intact, expect pullback to find support in 3, 7, or 11 swing for more upside.
AMEX:GDX
by Elliottwave-Forecast
GDX coiling againIt has been a while since it would be even worth to look into GDX, and I think it is about time... still early, but good to plan ahead and see if it is working out as projected. GDX (Gold miners) mounted a good recovery but stalled on a trend line and retracement is likely to see 27, else 25. The technical indicators (MACD and VolDiv) are turning bullish, but not just ripe yet. Expecting a higher low about 25-27 (red ellipse is the optimistic target; also the 62% retracement level) in early to mid January 2023. Bouncing off the 23-week EMA would be a good indicator that the projection is in line. So... being optimistic for a comeback, but until the pullback is apparent, sitting on my hands first. Happy Boxing Day!
AMEX:GDX
by Auguraltrader
All I Want for Christmas is a Fed Pivot...Markets are pricing in a recession by 2023 year end. Many believe the fed has overtightened and financial conditions will kill growth. Less spending, lowering earnings and less jobs. In today's market environment an environment a recession is actually bullish for equity markets. A recession would bring down aggregate demand and inflation. This would allow the fed to revert the economy easy monetary policy and markets will price in interest rate cuts. In this scenario, we would see an increase in growth stocks, Bonds, Gold, EURO, Semis...etc. On the contrary, there still remains the upside risk of inflation being more persistent than expected due to a more resilient US economy. economic growth in Q4 is ~ +3.5% and consumers are still strong. The savings rate is at an all time low signifying that stimulus is still in consumer's wallets. So are you expecting a recession or will we stay with tightened conditions. The above chart shows where price will gravitate towards under the two scenarios. 1. The first chart shows the US10Y with XLE(Energy) overlaid. A recession would lead to lower growth prospects decreasing both XLE and US10Y. On the other hand, a high inflation environment would mean that energy prices would rise due to more steady demand and yields would price in the accompanied economic growth. 2. Next we will take a look at the Dollar. A recession would be very bearish for the dollar due, to US treasury not paying out as much for those holding dollars. This would allow the EURO to increase. 3. Gold does well whenever real interest rates falls. Like when there is a recession.... If higher inflation is here to stay, real interest will increase as, the fed attempts to slow economic growth further. We have entered an environment riddled with moderate inflation. The last 10 years, Tech boomed. In the next 10 years, commodities will. I see the US economy's increased resiliency and higher than expected growth to be the reason rates stay high leading the fed to tighten more. I am looking for 4.5% - 6% on the US10Y. But, everyone is pricing in a recession by Q4 2023. Leading to the decline in US10Y (long bonds) and the dollar. A lower dollar increases prices of commodities and lower rates make for easier economic conditions. The exact opposite things we need to bring down inflation. The fed pivot narrative is stimulating the economy, leading to more inflation. So, maybe the US10Y goes down a bit before going to 6%???? or it goes up a bit before going to 3%???? This a very confusing market so, I urge you to tread carefully and only invest in what you understand. I can't see the future, I observe the clues the market gives me, manage risk and hope for the best..... Saving rate: Dear Santa..... All I want for Christmas is a Fed Pivot... Please?
AMEX:GDX
by arama-nuggetrouble
15
Elliott Wave View: Gold Miners (GDX) Starts a New Bullish CycleShort term Elliott Wave View in Gold Miners ETF (GDX) suggests it has started a new bullish cycle from 10.13.2022 low. The rally from there is unfolding as a 5 waves impulse Elliott Wave structure. Up from there, wave 1 ended at 25.4 and dips in wave 2 ended at 22.58. The ETF extends higher again in wave 3 towards 28.49 as the 45 minutes chart below shows. Internal of wave 3 unfolded as another 5 waves in lesser degree. Up from wave 2, wave ((i)) ended at 27.02 and pullback in wave ((ii)) ended at 26.05. ETF extended higher in wave ((iii)) towards 28.48, and dips in wave ((iv)) ended at 27.88 as a triangle. The last leg higher wave ((v)) ended at 28.83 which completed wave 3. Pullback in wave 4 ended at 26.76 with subdivision as a zigzag. Down from wave 3, wave ((a)) ended at 27.57 and rally in wave ((b)) ended at 28.09. Wave ((c)) lower ended at 26.76 which completed wave 4. GDX has rallied higher again in wave 5. Up from wave 4, wave ((i)) ended at 28.40 and dips in wave ((ii)) ended at 28. Expect the ETF to extend a few more highs before ending wave 5 of (1). Afterwards, it should pullback in wave (2) to correct cycle from 10.13.2022 low in 3, 7, or 11 swing before the rally resumes.
AMEX:GDX
by Elliottwave-Forecast
Entry for next leg up in $GDXMy dowsing keeps giving me that there's a long entry in GDX, and that this is a multi-day swing low. I think it's today. There's a nice reversal candle on the day. I forgot that I calculated a target yesterday, so did it again today, but I'm happy to see they are relatively close to each other, $29.83-30.40 And I asked for a date twice as well and got the 25th, which I though was this week. But, I forgot I asked already for a date (yesterday), so asked for the number of days to a reversal on GDX and it gave me 34. That calculates to none other than Christmas Day, 12/25! I actually hate getting dates on closed days, but it's something to be aware of since I got the 25th twice using 2 different methods. I ask what direction we run up into 12/25 and get "higher".
AMEX:GDXLong
by JenRz