$GDX = Weekly Analysis = 20.03.2022 #miners #gold #GLD #GDX #preciousmetals $gold #seekingalpha

GDX continues levitate as if it is about to make a major decision and if we look at the possible monthly and quarterly candles that will be formed on March 31, we would understand why. Let’s evaluate from different angles.

This post is part of the Weekly Analyses (link) 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 multiple candle charts and TA;
– a long term $GDX forecast, unchanged for 15 months;
– a short term projection and targets.

GDX ANALYSIS

TA & CANDLES
Quarterly
In Q4, GDX made a bullish Harami and in Q1 it has a chance to confirm the formation. All it needs is to close above $35.82 on March 31st (as I type – $37.22).
If GDX holds at this level for the next 9 days, it will make a very strong, long-term bullish statement. Nine days to go.

Monthly
After a bullish Engulfing in February, GDX moved higher in March. The open question, though, is whether it built enough momentum and will keep the bullish odds until the end of month. There is a chance that the March candle shapes as a Hammer. Nine days to go.

Weekly
The last two weekly candles can be viewed as Spinning Tops. 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 $38.37, it would be strong bullish. A closure below $35.67 would be strong bearish. Any price between would likely keep the odds neutral.
Odds: Neutral

Daily
The daily is more complex. On Friday, in the last hour, GDX fell sharply and flipped the odds bearish on the hourly frame. The move impacted the daily candle and it closed as an undecisive doji below 8 EMA line and made the technical indicators more bearish.
A strong move has not happened yet, but technically it is ready to happen. And this move has a good chance to be southbound one.
A daily closure:
– below $36.97 would be strong bearish;
– above $37.88 – strong bullish.
Odds: Neutral

ELLIOTT WAVES and FORECAST

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WEEKLY ANALYSES

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