Gold Miners ETF (GDX)

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The Ord Oracle
By Tim Ord | May 16, 2017

Three Drives To Top

• 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



GDX is at a level that will prove to be a bullish or bearish outcome. On Previous reports, we mentioned the resistance gap zone near 23.00 that occurred on April 25. If the gap is tested on higher volume, than expect a bullish outcome and if tested on lighter volume, expect a bearish outcome. On the chart above the gap is being tested on lighter volume which suggests the gap has resistance. The top window is the RSI for GDX. If market is making a top here the RSI should turn down. So far the RSI is holding steady just above “50” and not give a clue yet of what next direction will be for GDX. We will wait and see what develops from here.

http://www.talkmarkets.com/content/us-markets/three-drives-to-top?post=135477

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