Elliott Wave view: Gold Miners ETF (GDX) impulse rally in progress [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Short Term Elliott Wave View in Gold Miners ETF (GDX) suggests rally from 12.30.2024 low is in progress as an impulse. Up from 12.30.2024 low, wave 1 ended at 38.2 and dips in wave 2 ended at 36.84. Internal subdivision of wave 2 unfolded as a zigzag Elliott Wave structure. Down from wave 1, wave ((a)) ended at 37.31 and wave ((b)) ended at 37.95. Wave ((c)) lower ended at 36.83 which completed wave 2 in higher degree.

The ETF has extended higher in wave 3 with subdivision as a 5 waves with extension (a nesting impulse). Up from wave 2, wave ((i)) ended at 38.16 and pullback in wave ((ii)) ended at 36.84. The ETF extended higher in wave (i) towards 39.73 and pullback in wave (ii) ended at 38.14. Up from there, wave i ended at 39.92 and wave ii ended at 39.24. Wave iii higher ended at 41.53 and pullback in wave iv ended at 40.80. Expect the ETF to end wave v of (iii), then it should pullback in wave (iv) before higher again. Near term, pullback should find support in 3, 7, or 11 swing against 36.83 low for further upside.

GDX 45 minutes Elliott Wave chart

Gold Miners ETF (GDX) [Video]

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD keeps the bid bias just over 1.1800

EUR/USD has started the week on a positive foot, hovering around the 1.1800 region in the latter part of Monday’s session. The pair’s recovery comes on the back of a decent decline in the US Dollar, as investors keep their attention on the evolving US–EU trade relationship after President Trump’s announcement of sweeping global tariff hikes.

GBP/USD looks stuck around 1.3500 amid firm gains

GBP/USD is pushing further north on Monday, revisiting the 1.3500 hurdle and beyond. Cable’s uptick is largely being fuelled by the broader softness in the Greenback, amid lingering uncertainty around tariffs.

Gold pops above $5,200, four-week highs

Gold is holding onto its bullish tone on Monday, reaching new multi-week highs just past the $5,200 mark per troy ounce. Fresh trade-war concerns, coupled with rising geopolitical tensions in the Middle East, are keeping demand for the yellow metal well on the rise.

Crypto Today: Bitcoin, Ethereum, XRP intensify sell-off as tariff uncertainty weighs

Bitcoin, Ethereum and Ripple are trading amid increasing selling pressure at the time of writing on Monday, as investors react to fresh trade uncertainty over US President Donald Trump’s push for more tariffs.

Supreme Court nixes tariffs, Trump teases 15% global tariff

On February 20th, the Supreme Court ruled that Trump’s global tariffs under IEEPA authority were unconstitutional, effectively nullifying the framework. However, the relief was short-lived. Within hours, Trump floated a 15% blanket tariff under an alternative legal authority.

XRP recovers slightly as bearish sentiment dominates crypto market

Ripple is rising above $1.40 at the time of writing on Monday amid fresh tariff-triggered headwinds in the broader cryptocurrency market. The sell-off to $1.33, the token’s intraday low, can be attributed to macroeconomic uncertainty, geopolitical tensions and risk-averse sentiment among other factors.