GOLDBUGS AMEX Goldbugs Index (GOLD)

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The Ord Oracle
By Tim Ord | July 25, 2017

• SPX Monitoring purposes; Covered short on 7/6 at 2409.75=gain 1.2%; Short SPX 6/26/17 at 2439.07.
• Monitoring purposes Gold: Neutral
• Long Term Trend monitor purposes: Neutral.



Its common for the GDX/GLD ratio to lead GDX. Above is the daily chart for GDX/GLD ratio with its Bollinger Band. The Bollinger bands are pinching suggesting a large move up or down is nearing. The Bollinger band pinched back in December 2015 and the first move was down before reversing higher and rallied all the way into August 2016. The eventually outcome will be up (because the COT bullish gold reports) but there could be a head fake first. GDXGLD ratio has been consolidating since August 2016 and the next move should be an impulse wave that could mirror the wave that started back in January 2016. The bottom two windows are momentum type indicators and both are dead neutral. A cycle low is due in late July though early August so we are in that time zone now. Things should start to happen within the next couple of weeks The COT report for June 26 showed the Commercials at 150K short (bearish); for July 7, 107K Short (on bullish side of neutral), July 14 came in at 73K short; July 21 at 74K short; both of which are bullish. The commercials (smart money) think a bottom is close at hand for Gold. We are staying neutral for now.

http://www.talkmarkets.com/content/us-markets/today-the-spy-made-a-higher-high?post=143364

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