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$GDX = Daily Analysis – Down = 09.08.2021 #gold #GLD #GDX #preciousmetals #investing #trading #Elliottwaves – Investing Angles
Forecasting Stock Movements from Multiple Angles
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Today’s $GDX closure points strongly down. Further decline is expected. Let’s explore the hypothesis from different angles.
The latest Monthly Analysis – link at the bottom.
Friday’s possible Morning Star was brutally canceled today. The candle signals further decline, possibly a strong one.
RSI and MACD are moving along with the price. Nothing forecasts a bullish move.
!Two of the monthly indicators signal a possible wave 3/C on the monthly scale. It would not surprise me if we see two-three large red monthly candles in a row.
From the Monthly: “GDX continues to be under a strong bearish pressure on the monthly and a significant effort would be required to overcome this. Unless there is a strong bullish move in the first week, I am expecting GDX to continue down in August.
The long term targets continue to be the same as I identified several weeks ago – $31, $25, $15. The levels and forecasted counts are on the monthly chart. Until I can see a strong bullish move on the monthly frame or at least a rally on weekly that would recover the long-term damage, the bearish odds remain in force.“
Something tells the $gold would follow a similar path.
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 = 31.07.2021 #gold #GLD #GDX #preciousmetals #investing #trading
$GDX = Weekly Analysis = 06.08.2021 #gold #GLD #GDX #preciousmetals #investing #trading
Posted byDimonAugust 9, 2021August 9, 2021Posted inCandles Speak, Daily Update, MinersTags:GDX
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