$GDX = Weekly Analysis = 03.09.2021 #gold #GLD #GDX #preciousmetals #investing #trading $gold #miners

GDX weekly closure provided certain hopes. Based on the weekly candle formation, higher prices almost guaranteed next week.

Let’s explore the hypothesis from the different time frames and different angles.


The August candle was a standard bearish continuation candle that managed to close below July low and below 20m EMA line. The lower wick was not long enough to consider it a bullish reversal candle, however, it might cause higher prices at the beginning of September.
The majority of indicators still point down. If GDX in September closes above $35, this would be bullish (very low odds at this point). Every other closure would be bearish.
Odds: Bearish

Last week, GDX produced a very classical Bullish Harami combo that was clearly confirmed this week.
At least one week of higher prices is expected and it does not mean that the week will close higher.
The weekly price closed barely above 8 EMA and needs to climb above at least 20 EMA to confirm the bottom. Note that the volume was also sharply lower this week.
Most of the indicators are somewhat neutral and could flip either way.
Odds: Bullish-Neutral

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