$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.

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


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.

Follow the blog in Twitter @InvestingAngles or by email subscription.

As tweets are often buried among the other tweets on the topic and one is looking for regular updates, I recommend that you to sign to the email updates in the blog – every single post will be automatically sent to your inbox.

Starting in August, I am planning to introduce Premium Content in my blog. The weekly, monthly, and long term analyses and charts will only be available for the premium followers and subscribers for a very humble fee of $10 USD.

Yesterday I posted a study and a long term forecast for Silver.

Previous Monthly & Weekly:

%d bloggers like this: