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$GDX – Monthly Analysis

This long term $GDX chart will be 3 years old in November. After the closure in August, surprisingly or not, we have many reasons to keep it intact. Remember a “death” cross in the middle of August? Let’s explore these reasons in the monthly analysis.

But before we deep dive into the numbers and charts, I would like to share our Track Record on GDX:

The chart below was first posted in November 2020.

When we posted this $GDX forecast almost 3 years ago, obviously, nobody believed that the miner was going to get back to $30 let alone $20 in foreseeable future. However, contrary to the mainstream opinion, the candles guided us perfectly for GDX, as well as for gold and silver.

Below is the same chart taken today.

In today’s analysis, we will traditionally evaluate the candles that the miner formed or about to form on multiple frames. We will discuss technical events and analyze the long and short term targets using Elliott Waves.

Gold and Silver monthly and weekly can be viewed here:

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