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GDX trade ideas

GDX - Going Down Xtrenuously (pun intended)The gold miners ETF, GDX, just points to a very very rough time. With the interest rates escalating rapidly, the USD rising swiftly, the equity markets weakening, and gold prices crumbling... it is a perfect storm for GDX thrashing. The weekly chart had a tombstone doji the previous week as it failed the Hull EHMA, and the past week confirmed the trend reversal down. The weekly technical indicators are weak and bearish looking so not much to go on here. The daily chart shows a recent breakdown from a failed 55EMA test. and on Friday, ended with a bearish marubozu, closing near the weekly low. The technical indicators are significantly suggestive... the MACD had actually wasted a long bullish divergence and failed to mount a very decent rally. This failure would have a doubling opposing effect, and the daily MACD has actually crossed down into the bear territory. Taken together, projections set a downside target of 17, about the end of November 2022. A very tough time for GDX (unless you are short)
AMEX:GDXShort
by Auguraltrader
GDX: Rise and Shine! ☀️GDX seems to have woken up and is showing its high spirits by climbing upwards. We now consider wave ii in magenta to be finished, and thus expect the ETF to continue its way above the resistance at $28.83. Once there, GDX should gain even more upwards momentum to rise above the next mark at $40.13 as well. We should still keep in mind our alternative scenario, though, as there remains a 40% chance that GDX could lose its steam and drop below the support at $16.18. in that case, we anticipate further descent.
AMEX:GDX
by MarketIntel
1
GDX gold miner ETF setting up LONGAMEX:GDX Based on the 4H chart as well as the price action of spot gold using an EMA ribbon cross-over as well as the volume profile, I have set up a long trade with two upside targets of about 10 and 20 % upside respectively with a stop loss of about 4% which would be adjusted as soon as the price rises above $ 27 to move the stop loss to the entry price making for a breakeven free trade after that. Overall, spot gold is sitting on support with a bullish RSI divergent pattern. I also see GDX as a candidate for the intermediate term call options out of the money about 15% above the current price being between the two targets.
AMEX:GDXLong
by AwesomeAvani
Elliott Wave View: Gold Miners ETF (GDX) Has Reached Inflection Short Term Elliott Wave View in GDX suggests rally to 26.40 ended wave (2). Wave (3) lower is in progress to complete a cycle from August 25th, 2022 high. Internal subdivision of wave (2) unfolded as a double three Elliott Wave structure. Up from wave (1), wave ((a)) ended at 25.23 and pullback in wave ((b)) ended at 25.44. ETF extended higher in wave ((c)) of W towards 26.22. Connector wave X completed as a zigzag correction at 25.30. GDX then resumed the rally in wave ((a)) ended at 25.98 and pullback in wave ((b)) finished at 25.53. Final leg higher wave ((c)) ended at 26.40 which ended wave Y of (2) GDX turned lower in wave (3). Down from wave (2), wave 1 ended at 25.75 and bounce in wave 2 ended at 26.18. The ETF extended lower in wave 3 towards 22.96. Internal subdivision in wave 3 unfolded as an impulse. Wave ((i)) ended at 24.40 and bounce in wave ((ii)) ended at 25.14. The instrument extended lower in wave ((iii)) of 3 towards 23.80. Then a shallow rally completed wave ((iv)) at 24.24 and last leg lower ended at22.96 completing wave ((v)) of 3. Near term, we are developing a corrective wave 4 and afterwards, it should continue lower to end wave 5 of ((3)). As far as pivot at 26.40 high stays intact, expect any rally to fail for further downside.
AMEX:GDX
by Elliottwave-Forecast
1
GDX vs. BTC still holding uptrendI first published this chart in December last year with the view of owning gold & gold miners over Bitcoin. Whether you took a spread on Gold spot or gold miners(GDX) vs. BTCUSD, either one would have doubled your money this year. It has been a great trade indeed but interesting to note how strong this uptrend has been since the end of last year and there looks like no stopping this gravy train at the moment. In the absence of a technical break, I am still happy to own gold vs. bitcoin for now.
AMEX:GDXLong
by MarcoOlevano
1
GDX suffering a low periodGDX, the gold miners ETF which once had a lot of potential is now in the doldrums. Having hit 41 in April 2022, it had almost halved within 4 months. Recently, an attempt to consolidate and rebound is seeing a lot of challenges. First, the Gold prices are in a bear trend, secondly, rising interest rates hurt the miners, third, the weak equities market also affect the gold miners. The GDX weekly chart has in the past couple of weeks attempted a rebound, but the past week pretty much wiped all gains out. This move mellowed the technical indicators and it is less than ideal to be a tad bullish at all. The daily chart obviously has technically bearish indicators crossing down with momentum. Overall, very likely to take out the last low. Nothing much except the obvious... bearish
Editors' picks
AMEX:GDXShort
by Auguraltrader
11
GDX: GDX-citing 🍿We hope you’ve all got your popcorn ready because it’s getting more and more exciting here! GDX has reacted to the upper edge of the magenta-colored zone between $19.52 and $27.49 and has slowed down its upwards movement. Although the ETF could directly continue the ascent, we still give it some more room and time to finish wave in magenta a bit deeper in the magenta-colored zone. As soon as wave in magenta is completed, though, GDX should take off, rise above the resistance at $28.83 and head for the next one at $40.13. However, there is a 30% chance that GDX could break through the bottom of the magenta-colored zone and drop below the support at $16.18, which would then activate further descent.
AMEX:GDX
by MarketIntel
Tell me how you really feel. GDX Trend Channel Trade Chart Here's a 2 hour candle trend channel chart for GDX pre-FOMC. Today's FED update will be a big test for the PM sector. After a huge sell-off since April the trend appears to be making a bottom here. However, IMO - as I see it, a volatility spike low is a real possibility as bids and offers dry up around the news releases and Powell's presser. The tell will be in the follow through or reversal. Expect the longer trend influences to show up next week
AMEX:GDX
by hangonstaycalm
Elliott Wave View: GDX in Support ZoneShort Term Elliott Wave view in GDX suggests cycle from 4/18/2022 high is in progress as a 5 waves impulse Elliott Wave structure. Down from 4/18/2022 high, wave ((1)) ended at 29.66, and rally in wave ((2)) ended at 33.52. Wave ((3)) lower subdivides into another 5 waves in lesser degree. Down from wave ((2)), wave (1) ended at 30.36 and rally in wave (2) ended at 32.80. Index then resumes lower in wave (3) towards 24.92, rally in wave (4) ended at 26.54, and final leg lower wave (5) ended at 24.38 which completed wave ((3)) in higher degree. Wave ((4)) pullback is now in progress as a zigzag Elliott Wave structure. Up from 7/26/2022 low, wave 1 ended at 24.86 and dips in wave 2 ended at 24.50. Expect a few more highs to end wave 3, then it should pullback in wave 4, before the last push higher in wave 5 to complete wave (A). Afterwards, the Index should pullback in wave (B) before the rally resumes again. Near term, as far as pivot at 24.37 low stays intact, expect dips to find support in 3, 7, 11 swing for further upside.
AMEX:GDX
by Elliottwave-Forecast
Stalking a Bottom in GDX Here's an update to the weekly Trend Channel Chart for $GDX I first posted on the 15th with a target of 24-ish as a possible swing bottom. the signal would be the tag of the Lower Rail intersection .. getting pretty close now.. the ideal bottom set up would see a spike through the intersect followed by a quick reversal back to the low Gold coloured rail... for me the Bull trigger is at 25-ish on the recovery .. tight stops of course as the zone could also fail into a deeper low..
AMEX:GDX
by hangonstaycalm