Gold and gold miners are now approaching important support zones that could define the next major market move. The weekly chart of the VanEck Gold Miners ETF (GDX) highlights a critical area where the ongoing wave 4 correction could potentially find support before the next impulsive advance begins.
GDX is approaching an attractive support zone formed by the 2021 all-time highs, the 38.2% Fibonacci retracement level, and the upper line of the base channel, which all converge around the 70–68 region. If this area holds, we could see buyers step back in and trigger the next impulsive move higher into wave 5.
However, while this support zone offers a potentially favorable setup, bullish confirmation would only come with a decisive break back above the trendline and the 90 level. Until then, the market remains within a corrective phase, with the next major direction likely determined by how price reacts around this key support area.
GDX is approaching an attractive support zone formed by the 2021 all-time highs, the 38.2% Fibonacci retracement level, and the upper line of the base channel, which all converge around the 70–68 region. If this area holds, we could see buyers step back in and trigger the next impulsive move higher into wave 5.
However, while this support zone offers a potentially favorable setup, bullish confirmation would only come with a decisive break back above the trendline and the 90 level. Until then, the market remains within a corrective phase, with the next major direction likely determined by how price reacts around this key support area.
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