Gold Miners ETF (GDX)

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The Ord Oracle
By: Tim Ord | November 1, 2017

SPX Monitoring purposes; Sold 10/25/17 at 2557.15=breakeven; long SPX 10/16/17 at 2557.64.
Monitoring purposes GOLD: Covered short GDX at 23.23 on 10/20/17 =gain 2.56%; Short GDX on 10/13/17 at 23.84.
Long Term Trend monitor purposes: Neutral.



There is a cycle low due around December (+ or – a month). For very short term both Advance/Decline and Up down volume indicators are showing strength, suggesting a short term bounce is possible even though GDX was down today. The potential bounce may find resistance at the Mid Bollinger band and Trend line near the 23.25 range. With the Mid Bollinger Band trending down and the RSI below 50, suggests the larger trend is still down. At the next resistance level (possible near 23.25) we should see weakness in the Advance/Decline and Up down Volume indicators and something we will be watching for. The COT Commercials are short at 211K and still in the bearish camp. Covered short GDX on 10/20/17 at 23.23 = gain 2.56%; Short GDX 10/13/17 at 23.84.

Tim Ord,
Editor

http://stockcharts.com/articles/tac/2017/11/tim-ord-the-ord-oracle-november-1-2017-.html

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