$GDX = Weekly Analysis = 11.03.2022 #miners #gold #GLD #GDX #preciousmetals #investing #trading $gold #ElliottWave

GDX closed this week with a few disturbing signals that could turn the trend. Let’s have a closer look.

This post is part of the Weekly Analyses series that @InvestingAngles offers to followers and subscribers. The series covers US and global major indices, VIX, DXY, gold & silver, GDX, natural gas, Bitcoin and Ethereum, and some large cap stocks.

Previous Monthly Analysis:
https://investingangles.com/2022/03/02/gdx-monthly-analysis-02-03-2022-miners-gold-gld-gdx-preciousmetals-investing-trading-gold-elliottwave/

This Analysis contains:
– an overview of daily and weekly candle charts and TA;
– a long term $GDX forecast, unchanged for 15 months;
– a short term projection and targets.

GDX ANALYSIS

TA & CANDLES
The yearly and quarterly candles are bearish. The monthly is bullish for now.

Weekly
The weekly candle can be viewed as a Spinning Top for the candle structure and the fact that the candle is fully outside of BB. Technically, the trend is still bullish and there is no strong bearish formation yet that would cause a concern. The odds are close to neutral.
If GDX closes next week above $40.26, it would be strong bullish. A closure below $36.50 would be strong bearish. Any price between would likely keep the odds neutral.
Odds: Neutral

Daily
The daily is more complex. On Tuesday GDX made a clear Spinning Top and it tried to negate it in the following three days. Unsuccessfully.
During these days the miner managed to flip the daily PSAR bearish and today RSI crossed from the overbought area. As you can see, the bearish events keep accumulating.
While the trend is still bullish, the odds are already bearish and there is a good chance the odds will take over.
Odds: Neutral

ELLIOTT WAVES and FORECAST

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WEEKLY ANALYSES

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A $10 USD monthly subscription gets you access to the monthly and weekly analyses, mid and long term forecasts for cryptocurrencies, major US and some world indices, precious metals and miners, commodities, popular stocks and more. There is no free trial. For $10 USD you can evaluate the service for a month and discontinue the subscription at any time.
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