VanEck Vectors Gold Miners ETF Forecast

Red day on Tuesday for VanEck Vectors Gold Miners
(Updated on Apr 16, 2024)

GDX Signals & Forecast

The VanEck Vectors Gold Miners ETF holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the ETF giving a positive forecast for the stock. On further gains, the ETF will meet resistance from the short-term Moving Average at approximately $33.75. On a fall, the ETF will find some support from the long-term average at approximately $30.64. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, April 11, 2024, and so far it has fallen -4.12%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Support, Risk & Stop-loss for VanEck Vectors Gold Miners ETF

On the downside, the ETF finds support just below today's level from accumulated volume at $29.89 and $28.51. There is a natural risk involved when a ETF is testing a support level, since if this is broken, the ETF then may fall to the next support level. In this case, VanEck Vectors Gold Miners finds support just below today's level at $29.89. If this is broken, then the next support from accumulated volume will be at $28.51 and $25.89.

This ETF has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved $0.83 between high and low, or 2.56%. For the last week, the ETF has had daily average volatility of 3.80%.

Our recommended stop-loss: $31.37 (-5.02%) (This ETF has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 3 days ago.)

Trading Expectations (GDX) For The Upcoming Trading Day Of Wednesday 17th

For the upcoming trading day on Wednesday, 17th we expect VanEck Vectors Gold Miners ETF to open at $32.91, and during the day (based on 14 day Average True Range), to move between $32.06 and $34.00, which gives a possible trading interval of +/-$0.97 (+/-2.95%) up or down from last closing price. If VanEck Vectors Gold Miners ETF takes out the full calculated possible swing range there will be an estimated 5.90% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $33.52 (1.48%) than the support at $29.89 (9.51%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is VanEck Vectors Gold Miners ETF ETF A Buy?

VanEck Vectors Gold Miners holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Current score: -0.723 Hold/Accumulate Unchanged

Predicted Opening Price for VanEck Vectors Gold Miners ETF of Wednesday, April 17, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.