$GDX = Daily Analysis – Down = 10.08.2021 #gold #GLD #GDX #preciousmetals #investing #trading #Elliottwaves

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

The latest Monthly Analysis – link at the bottom.

Daily
Today’s candle was a standard bearish continuation candle. The candle signals further decline, possibly a strong one.
RSI and MACD are moving along with the price. The volume is declining and we might see some bullishness or horizontal development. RSI approaches the oversold territory, but there is definitely more room downside.

!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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