Gold Miners ETF (GDX)

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The Ord Oracle
By Tim Ord | August 22, 2017

• SPX Monitoring purposes; Long SPX 8/17/17 at 2430.01
• Monitoring purposes Gold: Neutral
• Long Term Trend monitor purposes: Neutral



I have been a reliable bullish development for GDX over the years when GDX/GLD ratio is out performing GDX. Form late July, GDX has chopped modestly higher making higher closes and GDX/GLD ratio has made lower closes and a bearish divergence. Also notice that GDX has made higher lows as GDX/GLD ratio made lower lows and another bearish divergence. The Gold Commercials also increased their short position to 197K form the previous week of 159K, showing there increased bearish short term view for gold. When the Gold Commercials reach near 200K short and higher the market is usually near a short term high. A modest pull back for GDX and Gold is possible in the next couple of week. GDX has been choppy sideways since February and a break out of this choppiness could come in September. Still neutral for now.

http://www.talkmarkets.com/content/us-markets/vix-leads-the-way-for-the-spy-in-the-opposite-direction?post=146583

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