GDX: Weekly: 01.05.2021

GDX seems to be following the bearish alerts. Let’s have a closer look on the different time frames.

In the middle of the month the bulls had a chance to close above 36.28 and confirm the Bullish Harami of April.
Odds: Neutral

The previous week was clearly rejected at the 50 MA line and this week formed a Tower Top. The price is back to the downward channel. At the same time, the RSI crossed below 50 again. All are the bearish indications.
Odds: Bearish

The price is declining on an increasing volume. During this week, the candles closed consecutively below 8, 20 EMA and 50 MA lines. It looks like an 8/20 bearish EMA cross is the next to happen.
Odds: Bearish

Weekly Forecast

I am expecting the price to return back to the 30.90 level in the next week of two. There is a chance of a prolonged horizontal development until either 30.90 or 36.28 are broken through.

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