GOLDBUGS AMEX Goldbugs Index (GOLD)

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The Ord Oracle
By: Tim Ord | October 5, 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). The Up down Volume percent indicator and the Advance/Decline Percent indicator (bottom two windows) both showing strength and have matched their previous highs and suggests GDX should also march its previous high which is the September 25 high which is 23.87. We have a 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 mark a turn down. This scenario may change and condition change in the market. Long GDX on 10/2/17 at 23.05.

http://www.talkmarkets.com/content/us-markets/markets-harvest-moon?post=151741

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