GDX weekly closure is plain bearish. 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 majority of indicators 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.
This weekly candle is a bearish Engulfing that cancels some bullish hopes of last week. Last week, GDX produced a very classical Bullish Harami combo that was clearly confirmed this week.
The weekly price is back below 8 EMA, the majority of indicators point down.
We might see some bullishness early in the next week, but it is expected to close with a red candle.
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The detailed previous Monthly and Weekly analyses with forecast can be found by the links below.
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Previous Monthly & Weekly:
$GDX = Monthly Analysis = 31.08.2021 #gold #GLD #GDX #preciousmetals #investing #trading $gold #miners