Gold Miners ETF (GDX) should continue to extend higher [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Short Term Elliott Wave in Gold Miners Junior (GDX) suggests rally from 11.10.2023 low is in progress as a 5 waves impulse. Up from 11.10.2023 low, wave ((i)) ended at 29.07 as the 1 hour chart below shows. Dips in wave (ii) unfolded as a zigzag Elliott Wave structure. Down from wave ((i)), wave (a) ended at 28.38 and wave (b) rally ended at 28.75. Wave (c) lower ended at 27.98 which completed wave ((ii)) in higher degree.

The ETF then extends higher in wave ((iii)). Up from wave ((ii)), wave (i) ended at 29.6. Wave (ii) ended as a zigzag structure in lesser degree. Down from wave (i), wave a ended at 29.18, wave b ended at 29.47, and wave c ended at 29.01. This completed wave (ii) in higher degree. The ETF then extends higher again in wave (iii). Up from wave (ii), wave i ended at 29.87 and pullback in wave ii ended at 29.46. Expect the ETF to rally a bit higher to end wave iii, then it should pullback in wave iv to correct cycle from 11.28.2023 low before it resumes higher. Near term, as far as pivot at 27.98 low stays intact, expect dips to find support in 3 ,7, or 11 swing for further upside.

Gold Miners ETF (GDX) 60 Minutes Elliott Wave Chart

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD treads water above 1.1850 amid thin trading

EUR/USD stays defensive but holds 1.1850 amid quiet markets in the European hours on Monday. The US Dollar is struggling for direction due to thin liquidity conditions as US markets are closed in observance of Presidents' Day.

GBP/USD flat lines as traders await key UK and US macro data

GBP/USD kicks off a new week on a subdued note and oscillates in a narrow range near 1.365 in Monday's European trading. The mixed fundamental backdrop warrants some caution for aggressive traders as the market focus now shifts to this week's important releases from the UK and the US.

Gold sticks to intraday losses; lacks follow-through

Gold remains depressed through the early European session on Monday, though it has managed to rebound from the daily trough and currently trades around the $5,000 psychological mark. Moreover, a combination of supporting factors warrants some caution for aggressive bearish traders, and before positioning for deeper losses.

Bitcoin, Ethereum and Ripple consolidate within key ranges as selling pressure eases

Bitcoin and Ethereum prices have been trading sideways within key ranges following the massive correction. Meanwhile, XRP recovers slightly, breaking above the key resistance zone. The top three cryptocurrencies hint at a potential short-term recovery, with momentum indicators showing fading bearish signs.

Global inflation watch: Signs of cooling services inflation

Realized inflation landed close to expectations in January, as negative base effects weighed on the annual rates. Remaining sticky inflation is largely explained by services, while tariff-driven goods inflation remains limited even in the US.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.