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EW Analysis: Gold Might Be In Danger

Published 06/03/2020, 11:18 AM
Updated 07/09/2023, 06:31 AM
GDX
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Today, we will talk about Gold, specifically GDX (Gold Miners ETF (NYSE:GDX)).

We all know gold is at the extreme levels and it's actually at the lowest range compared to all other metals and assets, which means that at this stage we should be very careful with any investments in gold. Rather look for something else, such as silver, because the price is much more favorable.

What we want to point out about gold is that we can see a completed five-wave bullish cycle on GDX (Gold Miners ETF) and there's a chance for a bigger decline at least in three waves, which means that bears may step in. So watch out and be aware of the worse scenario, because longer-term gold is still sitting at the strong weekly resistance.

Respect the price action and trade smart.

GDX, Daily
gdxDaily

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.

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