$GDX = Daily Analysis – Down = 09.08.2021 #gold #GLD #GDX #preciousmetals #investing #trading #Elliottwaves

Today’s $GDX closure points strongly down. Further decline is expected. Let’s explore the hypothesis from different angles.

The latest Monthly Analysis – link at the bottom.

Daily
Friday’s possible Morning Star was brutally canceled today. The candle signals further decline, possibly a strong one.
RSI and MACD are moving along with the price. Nothing forecasts a bullish move.

!Two of the monthly indicators signal a possible wave 3/C on the monthly scale. It would not surprise me if we see two-three large red monthly candles in a row.
Odds: Strong Bearish

Forecast

From the Monthly: “GDX continues to be under a strong bearish pressure on the monthly and a significant effort would be required to overcome this. Unless there is a strong bullish move in the first week, I am expecting GDX to continue down in August.

The long term targets continue to be the same as I identified several weeks ago – $31, $25, $15. The levels and forecasted counts are on the monthly chart. Until I can see a strong bullish move on the monthly frame or at least a rally on weekly that would recover the long-term damage, the bearish odds remain in force.

Something tells the $gold would follow a similar path.

The detailed previous Monthly and Weekly analyses with forecast can be found by the links below.



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Previous Monthly & Weekly:

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