GDX Tests Buy Zone With Gann and Fibonacci Alignment

The GDX (NYSE:GDX) has entered a critical inflection point following a multi-day corrective wave from the recent high of $54.79, marked on July 25. After failing to hold the 61.8% Fibonacci level at $53.47, price has descended into the VC PMI Buy 1 Weekly zone at $52.33, where a confluence of technical forces now converges.Using the Gann Square of 9, the 90° turn from the high projects support precisely around $52.33, validating the pivot as a structurally significant level. Below that, the 135° Gann angle forecasts a deeper downside potential near $51.20, while the full 180° rotation suggests extreme support around $49.90, should downside momentum accelerate.

Time-wise, a 5-day Gann time cycle from the previous major pivot (Jul 25 high) matured today, signaling that a cyclical bottom may be forming. This aligns with today’s intraday low of $52.14, just below Buy 1, suggesting the potential for a bullish reversal if confirmed by price action closing above $52.55—the VC PMI Weekly Mean.

However, the MACD momentum remains in a bearish crossover, with negative histogram divergence building. This indicates that while the time cycle may be ripe for a reversal, momentum confirmation is still lacking.

If bulls can reclaim $52.94–$53.47, this would likely confirm the cycle low and initiate a new upward leg into the next Gann time window due August 2–5, where another potential turning point is projected. Failure to hold above $52.10, however, would negate the setup and expose GDX to further downside in line with Gann’s 135° projection.

In essence, GDX stands at a moment of decision—balancing between a potential mean reversion rally and a continuation of its current bearish descent. The next 1–2 sessions are likely to confirm the dominant trend direction, with the time and price harmonics aligning for a pivotal move.

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