GOLDBUGS AMEX Goldbugs Index (GOLD)

[DiscoverGold]

The Ord Oracle
By Tim Ord

* January 19, 2017

SPX Monitoring purposes; Covered 12/30/16 at 2238.83= gain .46%; Short on 12/29/16 at 2249.26.
Monitoring purposes GOLD: Long GDX on 12/28/16 at 20.25.
Long Term Trend monitor purposes: Short SPX on 1/13/16 at 1890.28




The chart above is the daily Bullish percent index for the Gold Miners index. The Bullish Percent index measures the percent of stocks in the Gold Miners index that are on Point and Figure buy signals. The rally from the December low on GDX has not broke above the previous high of November, but the Bullish Percent index has. This condition suggests at some point GDX will also break above the November high which comes in near 26.00. We also pointed out in the chart above the bullish divergences that where present at the January 2016 low where GDX broke a new low and bullish percent index made a much higher low. This bullish divergence also showed at the December 2016 low. A bearish divergence showed up at the August 2016 high. In general GDX should continue to move higher, possible for the next several months. Long GDX on 12/28/16 at 20.25. For examples in how "Ord-Volume" works, visit www.ord-oracle.com. New Book release "The Secret Science of Price and Volume" by Timothy Ord, buy on www.Amazon.com.

Tim Ord,
Editor

http://stockcharts.com/articles/tac/2017/01/tim-ord-the-ord-oracle-january-19-2017.html

• DiscoverGold

Click on "In reply to", for Authors past commentaries