GOLDBUGS AMEX Goldbugs Index (GOLD)

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

• SPX Monitoring purposes; Neutral
• 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 where back below “0” on Friday’s close and they were bearish. With today’s GDX rally, both may be back above “0” and that is a bullish sign. These two indicators are updated several hours after the close and we won’t know the results until later tonight. The area of resistance on this potential bounce is near 23.25 which could represent a “B” wave high. The pattern is forming since the October high and it could be ABC with “C” having a measured target near 21.25 range. On today’s rally GDX made a higher high over the last several days trading, where GDX/GLD did not. GDX is outperforming GDX/GLD. With the Mid Bollinger Band trending down and the RSI below 50, the larger trend is still down. The COT commercials are still short around 211K and still in the bearish camp. Neutral for now on GDX.

http://www.talkmarkets.com/content/us-markets/shark-break-coming-on-spy?post=155383

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