Gold miners ETF (GDX) looking to end zigzag correction

Elliott Wave Forecast Team ElliottWave-Forecast.com

Short term Elliott Wave view in Gold Miners ETF (GDX) suggests the ETF is correcting cycle from 10.4.2023 low. Rally from 10.4.2023 low ended wave (1) at 30.16. Pullback in wave (2) is unfolding as a zigzag Elliott Wave structure. Down from wave (1), wave A ended at 27.61 as a diagonal. Rally in wave B ended at 29.81 as another zigzag in lesser degree. Up from wave A, wave ((a)) ended at 28.48 and dips in wave ((b)) ended at 27.90 Final leg wave ((c)) ended at 29.81 which completed wave B.

Wave C lower is currently in progress as a 5 waves impulse. Down from wave B, wave (i) ended at 29.18 and wave (ii) ended at 29.55. Wave (iii) lower ended at 28.54, wave (iv) ended at 29.15, and wave (v) lower ended at 28.11 which completed wave ((i)). Rally in wave ((ii)) ended at 28.64. The ETF then turned lower in wave ((iii)). Down from wave ((ii)), wave (i) ended at 28.17 and wave (ii) ended at 28.43. Near term, as far as pivot at 29.81 high stays intact, expect further downside in the ETF. Potential target lower is 100% – 161.8% Fibonacci extension from 10.20.2023 high which comes at 25.74 – 27.29.

GDX 45 minutes Elliott Wave chart

GDX Elliott Wave video

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD stays bid near 1.1560, focus shifts to the ECB

EUR/USD extends its weekly recovery for the third day in a row on Wednesday, navigating in a sidelined fashion around 1.1560 on the back of decent losses in the US Dollar. In the meantime, market participants continue to assess the latest US inflation data while hifting its attention to the ECB event on Thursday.

GBP/USD recedes from tops, hovers around 1.3400

GBP/USD could not sustain the initial bull run and is now slipping back toward the 1.3400 neighbourhood on Wednesday. Cable’s continuation of the ongoing leg higher follows mild selling pressure on the Greenback, despite steady uncertainty on the geopolitical front and elevated US inflation.

Gold threatens a test of YTD lows near $4,100

Gold is accelerating its downward trends and approaches the area of $4,100 per troy ounce on Wednesday, where the 2026 bottom sits so far. The persistent decline in the precious metal almost exclusively follows the swelling opinion that the Fed will keep a cautious stance in H2, a view that was reinforced following earlier US CPI data.

Crypto Today: Bitcoin, Ethereum, XRP face downside pressure amid investor de-risking

Major crypto assets trade under intense headwinds on Wednesday, as market participants navigate complex geopolitical and macroeconomic environments.

Brutal sell-off: Silver deepens months-long slide, refocusing on $60

Silver has never been known for its calm temperament. The precious metal can spend weeks grinding higher before suddenly giving back months of gains in a matter of days. That volatile reputation has been on full display in recent weeks.

The US economy defies the rules: 100 days into the Oil shock and the recession signal is still missing

More than three months after the start of the Iran war and the resulting disruption to global energy markets, the US economy continues to display remarkable resilience. The conflict has triggered a sharp rise in Oil prices, reignited inflationary pressures and fueled widespread concerns about a potential economic slowdown.