Gold Miners ETF (GDX)

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The Ord Oracle
By Tim Ord | May 9, 2017

• SPX Monitoring purposes; Sold SPX 5/5/17 at 2399.29 = gain 1.06%; Long SPX on 4/24/17 & 2374.15
• Monitoring purposes Gold: Neutral
• Long Term Trend monitor purposes: Neutral



Yesterday we pointed out short term positive divergences for GDX; today’s report we have found a couple more. Bottom window is the GDX/GLD ratio which is outperforming GDX and suggests GDX should start a short term bounce. Next window up is the UP down Volume with a 5 period moving average and the window above that is the Advance/Decline with a 5 period moving average both of which are geared for the short term moves. Over the past week both of these indicators made higher highs suggesting GDX may start to bounce. First upside resistance is the gap level of April 25 near 23.00 range. After this potential bounce, market may reverse and head lower to new recent lows. Time cycle for next low may come in late July to early August. Still on the side lines for now.

http://www.talkmarkets.com/content/us-markets/an-impulse-wave-up-has-begun?post=134590

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