Gold Miners ETF (GDX)

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>>> The Ord Oracle <<<
By Tim Ord

* February 21, 2017

GDX/GLD Ratio Leads The Way

• SPX Monitoring purposes; Covered short SPX 1/31/17 at 2278.87 =.09% gain; Short on 1/30/17 at 2280.90
• 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



GDX has been hovering right below the November high (building “Cause”?) with out showing much price weakness. This condition normally produces a rally through this resistance area and is what we are expecting here. The bottom window is the GDX/GLD ratio which normally leads the way for GDX. GDX/GLD ratio made a higher high than the November high and suggests GDX will also. A short term “POP” may occur above the November high (near 26.00) and may stall and could be an exit point on our long GDX position. The pattern that may be forming on GDX is a Head and Shoulders bottom pattern and the Right Shoulder may form in the coming weeks. Long GDX on 12/28/16 at 20.25.

http://www.talkmarkets.com/content/us-markets/gdxgld-ratio-leads-the-way?post=123136

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