GOLDBUGS AMEX Goldbugs Index (GOLD)

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~~~ The Ord Oracle ~~~
By Tim Ord | April 17, 2017

• SPX Monitoring purposes; Long SPX on 4/12/17 at 2344.93.
• Monitoring purposes Gold: Long GDX on 4/13/17 at 24.54.
• Long Term Trend monitor purposes: Neutral.



The top window is the RSI for GDX/GLD ratio. Readings above 50 are bullish and below 50 bearish and today’s reading came in at 56.95, and remains bullish. We have circled in blue on the GDX chart where buy signals were triggered by the RSI of the GDX/GLD ratio rising above 50. As long as the RSI stays above 50, the bullish move in GDX/GLD ratio is expected to continue, which in turn suggests GDX should move up also. The pattern forming on GDX (Second window down from top) could be a Head and Shoulders bottom which has an upside target to the August 2016 high near 31. Long GDX on 4/13/17 at 24.54.

http://www.talkmarkets.com/content/us-markets/buy-climax?post=131699

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