GOLDBUGS AMEX Goldbugs Index (GOLD)

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The Ord Oracle
By Tim Ord

* January 3, 2017

• SPX Monitoring purposes; Covered 12/30/16 at 2238.83= gain .46%; Short on 12/29/16 at 2249.26.
• Monitoring purposes GOLD: Long GDX on 12/28/16 at 20.25.
• Long Term Trend monitor purposes: Short SPX on 1/13/16 at 1890.28



The pattern forming on GDX could be a Head and Shoulders bottom where the December low is the Head. The rally off of the December low was quite strong and exceeded the previous swing high of November. This impulse wave up from the December low will need a rest and build a trading range to build up strength for the next move up. The next trading range could be the “Right Shoulder” of a Head and Shoulders bottom. This potential “Head and Shoulders bottom” has an upside target near the next swing high of 26.00 range. Both Advance/Decline % and Up down Volume % remain above “0” and bullish.Long GDX on 12/28/16 at 20.25.

http://www.talkmarkets.com/content/us-markets/the-pattern-forming-on-gdx-could-be-a-head-and-shoulders-bottom?post=117612

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