GDX - VanEck Gold Miners ETF

[Sean K]

GDX is still knocking on a break up. Bit of a flag formed up there. It's catching up on POG a little but still has some way to go. Hopefully the gold miners don't squander this opportunity like they've done in the past.

 

[rcw1]

So GDX punched a hole through at magic 55 bucks barrier of utmost resistance, today (20/05/24) nice. @Sean K you'd be laughing all the way to the bank, bloke...

 

[Sean K]

Hoping this old resistance line around 5425 is some support during this pullback. Will need POG to hold this support zone around 2375 and the XAO to stay above 8000 probably. Or, might have a deeper pullback.

 

[finicky]

 

[finicky]

"When gold breaks out vetsus CPI miners should do very well"
Makes sense I guess,

 

[Sean K]

GDX is finally catching up with gold's run up and isn't far off the ATHs set back in mid 2020. As long as general equities don't fall over then could be back to 60 bucks imminently. Especially if Iran escalates things in the ME and gold takes off.

 

[Sean K]

Not sure why this chart and the moving averages look different than the previous one but the golden cross on the one above and the one about to occur below look very tasty. Might b because I'm on the laptop and the chart is squished.

Gold off a percent as I speak, so might take a few more days of positive action in the gold equities market. But, it's close.

 

[Sean K]

It's looking very tasty on the long term monthly. Nice candle forming there. Patience is rewarding the gold bugs who got set a couple of years ago. And WW3 hasn't even started yet.

 

[Captain_Chaza]

Are you saying the Gold Bugs have not made any more monies in the Last 4 Years?

 

[Sean K]

Are you saying the Gold Bugs have not made any more monies in the Last 4 Years?
View attachment 182935

Well, if you backed up the boat in 2021 you've been waiting a while for a decent return. There's obviously been some individual stock winners but the overall general gold equities haven't had any fair winds. I think they might have rounded Cape Horn and are headed to Tahiti.

 

[Sean K]

GDX has finally got to around the right hand side of this big rounded bottom thing and catching up to POG's gains. Inverse H&S gives a higher target.

 

[Sean K]

GDX could finally catch up to POG at the end of the month. Currently at ATHs but just needs to finish around these levels for monthly ATH close. It's been a great run since breaking up in April.

 

[Sean K]

Finally touching ATHs on the daily off the back of POG.

Target from that inverse H&S is about $75, but not sure how legit that is.

Star aligned for gold this year, but I wonder what happens next. Is this the top, the middle, or just the start?

Have to think about the next unloved sector.

 

[Garpal Gumnut]

Finally touching ATHs on the daily off the back of POG.

Target from that inverse H&S is about $75, but not sure how legit that is.

Star aligned for gold this year, but I wonder what happens next. Is this the top, the middle, or just the start?

Have to think about the next unloved sector.

View attachment 186265

Brussels Sprouts.

gg

 

[Sean K]

Brussels Sprouts.

gg

Or Merlot.

 

[Sean K]

NEM crashed the GDX last night for no real reason that I can see. Maybe some rising costs but otherwise, see the fact. I thought they would be making a motza on the gold price over the last quarter.

 

[Sean K]

Working out when to re-enter the GDX. Obviously things have looked pretty bearish since the election and USD continued to rise, although that wasn't really stopping gold's rise earlier in the year. Maybe it's just a lot of profit taking as well.

Chart approaching 200dma which might provide a bump, but previous support lines have all been taken out. Looking close to very oversold on the RSI. Under 30 and it's oversold, so If it hits 20 it might be a good opportunity.

Central banks must be wondering when they start buying again too. Not sure what China's been up to recently, but I recall they had halted big buys once gold started to run away.