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Market Vectors Gold Miners (GDX) |
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| Summary:
| | Weekly : | | Daily :
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| | It was the negative week for the Market Vectors Gold Miners (GDX). During the week, the GDX dropped -1.74 points, or -5.41%, and closed at 30.42 on Friday, May 26, 2023. Weekly volume was -25% below average.
 Long-term trend: [See GDX long-term trend chart]
A long-term downtrend had started on August 5, 2020 at 45.78 and reached 21.52 on September 26, 2022. GDX lost 24.26 points, or 52.99%, in 111 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 16.59 and resistance is at 38.88. A Broadening Descending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a long-term trend.
 Medium-term trend: [See GDX medium-term trend chart]
A medium-term uptrend had started on March 9, 2023 at 26.59 and reached 36.26 on May 4, 2023. GDX gained -9.67 points, or -36.37%, in 8 weeks. The chart has formed a Ascending Triangle chart pattern. The uptrend support line (37.06) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. GDX may retest the broken support line. It is considered to be a resistance line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a medium-term trend.
 Weekly Technical Indicators: [See GDX weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is above its signal line since March 17, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. Use the following link to access a MACD help.
 Short-term trend: [See GDX short-term trend chart]
A short-term downtrend had started on May 8, 2023 at 35.81 and reached 30.16 on May 26, 2023. GDX lost 5.65 points, or 15.78%, in 18 days. Price is near the trend low.
 Daily Technical Indicators: [See GDX daily technical indicators chart]
Daily Relative Strength Index is oversold while Williams' Percentage Range and Lane's Stochastic are strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold daily Relative Strength Index or strongly oversold daily Williams' Percentage Range and Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help.
The daily MACD line is below its signal line since May 9, 2023. This is an indication that the short-term trend is down. The distance between MACD and the signal line is near its high and getting bigger. It indicates that the current short-term downtrend is strong.
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