GDX Elliott Wave outlook: Strong wave three surge with $58.30 target [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

The Gold Miners ETF (GDX) continues its upward trajectory, forming a pattern of higher highs and higher lows since its September 2022 bottom, signaling a robust bullish market. From the July 17, 2025 low, GDX has embarked on a five-wave impulse Elliott Wave structure in the shorter cycle. The hourly chart shows wave (1) peaking at 54.79, followed by a wave (2) dip concluding at 51.19. Wave (2) unfolded as a double three Elliott Wave pattern, with wave W declining to 52.15, wave X rallying to 53.41, and wave Y completing the correction at 51.19.

GDX has since surged within wave (3), structured as a lower-degree impulse. From wave (2), wave 1 climbed to 53.06, and a brief wave 2 pullback ended at 51.96. The ETF then advanced in wave 3, with sub-wave ((i)) reaching 55.05 and sub-wave ((ii)) retracing to 54.26. Sub-wave ((iii)) pushed higher to 56.66, followed by a sub-wave ((iv)) dip to 55.99. The ETF should soon complete sub-wave ((v)) of wave 3, followed by a wave 4 pullback before resuming upward in wave 5 of (3). As long as the 51.19 pivot holds, pullbacks should find support in a 3, 7, or 11-swing sequence, paving the way for further gains. The bullish momentum remains strong, with 58.3 as a potential target.

Gold Miners ETF (GDX) – 60 minute Elliott Wave technical chart

GDX – Elliott Wave technical [Video]

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD stays well offered below 1.1800

The selling pressure on EUR/USD is picking up pace, with the pair slipping decisively below the key 1.1800 level and sliding to fresh two week lows as Wednesday’s session draws to a close. The move lower comes as the US Dollar finds renewed strength after the latest round of US data and the release of the FOMC Minutes. Next of note on the docket will be the US weekly Initial Jobless Claims.

GBP/USD reaches multi-day lows near 1.3500

GBP/USD reverses its initial upside momentum and is now adding to previous declines, approaching the 1.3500 region on Wednesday. Cable’s downtick comes on the back of decent gains in the Greenback and easing UK inflation figures, which seem to have reinforced the case for a BoE rate cut in March.

Gold battle to regain $5,000 continues

Gold is back on the front foot on Wednesday, shaking off part of the early week softness and challenging two-day highs near the $5,000 mark per troy ounce. The move comes ahead of the FOMC Minutes and is unfolding despite an intense rebound in the US Dollar.

Australia unemployment rate set to edge up within overall strong labor market

The Australian monthly employment report is scheduled for release on Thursday at 00:30 GMT, and market participants anticipate a modest increase in jobs in January. The Australian Bureau of Statistics is expected to announce that the country added 20K new jobs in the month, while the Unemployment Rate is forecast at 4.2%, up from the 4.1% posted in December.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Sui extends sideways action ahead of Grayscale’s GSUI ETF launch

Sui is extending its downtrend for the second consecutive day, trading at 0.95 at the time of writing on Wednesday. The Layer-1 token is down over 16% in February and approximately 34% from the start of the year, aligning with the overall bearish sentiment across the crypto market.