Gold Forecasts Signal Strong Rally for Gold Miners ETF and Spot Prices

Technical analysis using Elliott Wave patterns shows the Gold Miners ETF (GDX) in a bullish uptrend, with higher highs and higher lows and key support around the 66.56 level. The analysis expects the ETF to maintain its bullish count and potentially reach new highs, advising traders to stay on the buying side.

Elliott Wave International notes that gold’s three‑month implied volatility has dropped to a four‑year low and open interest in gold futures is at its lowest since December 2018. The firm interprets these conditions as a prelude to a major price move, having previously forecast a rally that saw gold rise to $2,500 per ounce within five months.