$39 is a Historic level$39 on the GDX has been a big support/resistance level from the very beginning. In play once again.
GDX trade ideas
Gold miners ETF (GDX) taking off again!The Gold Miners ETF, GDX, as expected, launched itself after a small recoil.
The Weekly chart key takeaway is that the MACD and RPM followed through, but better yet, this week saw the weekly candlestick to be in a rather bullish position, closing the week on a recent 9-month high.
Fibonacci projections bring a 47.50 upside target in the following weeks.
The Daily chart confirms the bullish indications similarly. Having bounced off an intermediate support, the technicals are turning bullish again as the strong close for the last day of the week encourages a breakout above 40.
Gold Keeps Shinning- nearly one-year consolidation base since May 2021
- initial breakout works well in February-March 2022
- consolidate between 36-40 in March after the breakout
- breaking out 40 could open up its next uptrend rally
GDX showing bearish signs! many rejections off this resistance zone, be careful if long! lower high after a double top.. very bearish signs IMO.
targeting 37.66-36.75-35.68
GDX 2hr - Zooming in on the daily lookDialing in to the 2hr chart, GDX continues to demonstrate a bullish stature... Looking for $52 - $54 range to cap off (5) of circle 3... with extension to 1.618 toward $59 as a possiblility. Metals can often extend in very bullish markets. GDX should remain above $35 near term, with $33.50 as my line in the sand.
GDX macro look... Would not short this...Gold charts are tricky right now, but examining the miners, we see a much larger bullish trend that portends higher.
GDX: Room for MoreFor GDX, there is still room for more upwards movement! As the ETF has only touched the blue zone between $39.30 and $43.86 so far, we expect it to go for it again and more firmly this time, crossing even the resistance at $40.13. After it has finished wave (b) in blue in the blue zone, GDX should rattle down through the support at $28.83 and into the magenta zone between $27.49 and $19.52, where it should complete wave (c) in blue as well as wave ii in magenta. Then, GDX should turn around and move upwards, heading for new highs above the resistance at $40.13. However, there is still a 30% chance that the price might not rise from the magenta zone but could fall through it and below the support at $16.18 instead.
GDX - Gold miners to outperformGDX relative to SPX looks like it is bottoming - note RSI divergence the last several months plus huge support at recent lows on relative chart going back a few years. It seems to me that GDX (gold miners) are probably going to significantly outperform the overall market in the months and quarters ahead. I am stepping into some selective longs looking for alpha.
GDX - Ready to Fly?Looks like GDX is ready to move up out of the channel depicted by the green line. Some work may need to be done in this area to get thru , but with the war, rising inflation and other macroeconomics factors it wouldn't take much to send this stock to new highs. Watching and waiting patiently for entry. NEM holds the key.
GDX LOOKING FOR A MOVE UPWARDSAs the title indicates, I'm looking for another decent-sized move in precious metals. The war in Ukraine, bitcoin gaining support from more and more regulators, climate change/green energy initiative and the oil crisis (if there is one) are all serious things that could put a lot of pressure on the U.S. dollar. I like gold better than cryptocurrencies that are likely to be very volatile and uncertain.
Gold has been around for thousands of years for a reason. A sharp rise in gold prices are to be expected, but when have we ever witnessed gold losing 30% overnight? The answer is never.
Seeing a return from an investment in gold is all about timing. Obviously you don't want to be invested to heavily in gold when the equities are performing real well. On the other hand, when the market is uncertain it's good place to go.
GDXJ, GLD.. my bullish stance is on the metals market, silver and fuel metals like uranium and lithium, of course NICKEL!!!! Palladium seems to be doing well also.
Good Luck!
$GDX Gold Miners WeeklyGDX weekly nice chart with Triangle breakout and volume increasing with MACD opening up all implying more room to the upside.
I'm in April 35/40 debit spreads and looking for 40 as the first price target.
XME (metals) Gold Silver all appear to be ready to make a bull run, keep these on your watchlist especially with some weakness still in the equities market.
GDX BullishGDX Daily Timeframe.
-GDX has successfully closed above the falling wedge pattern which has been formed since 6th August 2020. Thus, this would be a potential continuation of its major bullish trend.
-In smaller timeframe, both H4 & H1, GDX also formed a double bottom with the neckline in $35 price range.
-Bullish divergence is clearly presented in daily timeframe (MACD).
-The rising market uncertainty from Russia's invasion towards Ukraine affects investors and market makers to secure their money in safe haven assets such as gold and other commodities.'
-Overall view : Bullish with the following resistance in $40, $42 & $45.8
Decade of GDX Channels"Market Memory" is illustrated well in the long-term support and resistance lines of GDX
GDX Nice breakout here so farGold and miners might be finally ready to make a run with a nice breakout of resistance line here. MACD showing bullish confluence and 9/20 moving average cross
I'm long april 35/40 debit spreads
GDX... Launched!The Gold miners ETF had a clear launch over the last two weeks, amidst the build up of the global events in Europe.
The Weekly chart has a sustained double breakout of a short term trendline, and the weekly 55EMA. The technicals (MACD and RPM) are very supportive, crossing upwards and into bullish territory.
The Daily chart shows the past two weeks developments, nothing short of being impressive and decisive. An immediate term resistance is seen, but am optimistic that the Gold miners have launched from the base low, at long last.
As previously mentioned... Gold prices have since moved significantly to above 1900, and equites are on the rise.
This are supportive of the GDX. Currently, a slightly stronger USD is disregarded and off set by the previous two.
GDX has since moved up 10% and is slated for much for upside, way above 40 IMHO. Projections in a later following post...
GDX US - close to mid-term signalgold miners are due to testing very stron resilince level: trend line and important peak
$GDXAs paper money inflates and loses value gold prices rise.
CHART LEGEND:
white dashed lines = bull/bear takeovers
blue lines = call targets
yellow lines = put targets
red line = danger zone
orange lines = trend lines
green lines = safe zone
any other lines add will be discussed with the ticker
AMEX:GDX
Long DUSTAs GDXJ reaches its resistances, shorting the miners in a long DUST position for the short term. The narrative is strong for a continuation in GDX due to inflation, but expecting headwinds in GDXJ approaching rate hikes. Mainly a reversion to the mean play on oversold GDXJ.
Long DUST at $14.85.
Waiting for its moment to shine (GDX)- Convergence process for gold miners (GDX) took place for about 2 years
- Rising inflation (CPI 7.5%) and potential warfare (Russia-Ukraine) made the stage ready for precious metals to shine
- The breakout setup is ready with the pivot point at 34
GDX LONG, MASSIVE MONTHLY BULL FLAG = Target $58.40This is a MASSIVE Monthly BULL FLAG (Blue). After breaking down this massive trend channel GDX has recovered and is now breaking back into the huge UPTREND Price channel while MACD is remaining above ZERO.
I realize the month is not over yet but when you are struggling to find places to put your money when the stock market is retracing this would be my next trade. Also with the Gold chart looking better each day and that GLD Trade I posted going so well this would be the place to add to that exposure with more upside potential.
Long at OPEN tomorrow.
Target = height of the flag pole putting us at $58.40
$GDX breakout! Buy on any dip (4/5)Conviction: 4/5
This is one of the two breakouts that we've been waiting for since May 2021.
Buy on dip (possible retested yesterday already) on the horizontal dash line around 31.81.
Need to wait for breakout of resistance line since August 2020 to fully confirm breakout. However, Gold seems to have already broken out... so seems like just a matter of time.
long goldLooks like we have a bullish reversal and also hit the demands zone looking to see it to supply zone this week.
GDX about to break out?It has been many fake outs, but yet again, the GDX is attempting to break out, one that starts with a nice long bullish marubozu type of candle on both the weekly and daily chart.
The weekly chart had a gap and run marubozu, with MACD turning upwards but not yet in bullish territory, nor clear of the 55EMA.
The daily chart had a decent long bullish candle that is supported by the technical indicators.
What needs to happen over the following week is a proper breakout and sustaining above resistance turned support levels.
