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Thursday, August 10, 2017 8:17:55 AM
By Tim Ord | August 9, 2017
• SPX Monitoring purposes; Neutral.
• Monitoring purposes GOLD: Short GDX @ 22.20 on 8/7/17
• Long Term Trend monitor purposes: Neutral.
The third and forth window down from the top are the Cumulative Advance/Decline and Cumulative UP down Volume. Notice that GDX is still above its July 24 low and both Cumulative Advance/Decline and UP down Volume are far below there respective July 24 lows; which suggests GDX July 24 low will be broke (comes in at 21.97). However we don’t believe GDX will find support there but head to the July 7 low at 21.00 at a minimum. The COT report for August 4 showed the Commercials at 143K Short which is bearish for Gold. Short GDX on 8/7/17 at 22.20.
Tim Ord,
Editor
http://stockcharts.com/articles/tac/2017/08/tim-ord-the-ord-oracle-august-9-2017.html
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