GOLDBUGS AMEX Goldbugs Index (GOLD)

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=== The Ord Oracle ===
By Tim Ord | August 1, 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.



Gold looking more bullish than gold stocks. The chart we sent out Friday showed a bullish development for the GLD/UUP ratio breaking out and suggests Gold (GLD) will follow. Gold stocks on the other hand don’t look as bullish. The GDX/GLD ratio is underperforming GDX (chart now shown) which is a bearish sign for Gold stocks short term. The chart above looks at the Advance/Decline and Up down volume for the stocks in GDX. When the Advance/Decline (50 MA) is below “0” (current reading is minus 2.21) a bearish sign is present. This also holds true for Up down Volume (50 MA) with its current reading at -4.24. Gold stocks will turn bullish again when both these indicators close above “0” and Gold stocks start outperforming gold which means the GDX/GLD ratio will be rising. The COT report for July 7 came in at 107K Short (on bullish side of neutral), July 14 came in at 73K short and July 21 at 74K short; both of which are bullish. The commercials (smart money) are bullish on gold.

Tim Ord
Editor

http://stockcharts.com/articles/tac/2017/08/tim-ord-the-ord-oracle-august-1-2017.html

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