Gold Miners ETF (GDX)

[DiscoverGold]

The Ord Oracle
By: Tim Ord | September 6, 2017

• SPX Monitoring purposes; Short SPX on 8/30/17 at 2457.59.
• Monitoring purposes Gold: Neutral
• Long Term Trend monitor purposes: Neutral.



The July low appears to have been a “Head” of a “Head and Shoulders bottom”. The “Neckline” of this pattern was broke with a “Sign of Strength” can confirms the pattern. In bullish moves for gold and gold stocks the Gold stocks outperform gold which is indicated by the GDX/GLD ratio rising. GDX broke above the April high and the GDX/GLD ratio has not, showing that GDX/GLD ratio is weaker than GDX and a bearish divergence. Also notice that GDX it above Last Tuesday high and GDX/GLD ratio is not; showing a short term divergence. What this could mean is for a short term pull back to support near the Neckline at the 23.50 range before moving higher again. If the pull back does materialize and the GDX/GLD ratio shows strength compared to GDX, a bullish setup could form. The longer term patterns are bullish but the shorter term patterns are not ideal. Still neutral for now.”

http://www.talkmarkets.com/content/us-markets/vix-leads-the-way-for-spy-in-the-opposite-direction?post=148388

• DiscoverGold

Click on "In reply to", for Authors past commentaries

*** For Market Direction and Trends visit our board:
https://investorshub.advfn.com/Market-Direction-and-Trends-26249/