Gold Miners ETF (GDX)

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~~~ The Ord Oracle ~~~
By: Tim Ord | October 4, 2017

SPX Monitoring purposes; Short SPX on 8/30/17 at 2457.59.
Monitoring purposes GOLD: Long GDX on 10/2/17 at 23.05
Long Term Trend monitor purposes: Neutral.



Over the past week GDX has made lower lows and GDX/GLD ratio has made higher lows and a positive divergence (third window up from bottom). Bottom window is the Up down Volume percent indicator which has also made higher lows along with Advance/Decline Percent indicator (next window higher). These short term divergences suggest a bounce up in GDX is possible. It is said that the GDX/GLD ratio leads the way for GDX. Today GDX/GLD ratio traded above the previous high of 9/25/17 and suggests GDX at some point will trade above its 9/25/17 high which comes in at 23.87. We have an ultimate higher target of 24.20 which is the September 20 high which was a high volume day and most high volume days high are tested. If the September 20 high volume day’s high is tested on light volume would suggest resistance and market could turn back and travel down into a December low. Long GDX on 10/2/17 at 23.05.

Tim Ord,
Editor

http://stockcharts.com/articles/tac/2017/10/tim-ord-the-ord-oracle-october-4-2017.html

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