Gold Miners ETF (GDX)

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The Ord Oracle
By Tim Ord | July 18, 2017

• SPX Monitoring purposes; Covered short on 7/6 at 2409.75=gain 1.2%; Short SPX 6/26/17 at 2439.07
• Monitoring purposes Gold: Neutral
• Long Term Trend monitor purposes: Neutral



The middle window is the GDX/GLD ratio. Its common for the GDX/GLD ratio to lead the way for GDX. Over the last week GDX/GLD ratio has been underperforming GDX and suggests a pull back is coming for GDX. The GDX/GLD ratio also underperformed GDX at the early June high and predicted a pull back (which GDX did). Bigger picture is turning bullish but the short term picture suggests a pull back is possible for GDX. The Commitment of traders report (COT) for gold has been showing bullish signs for two weeks. The report for June 26 showed the Commercials at 150K short (bearish); for July 7, 107K Short (on bullish side of neutral) and last report of July 14 came in at 73K short, which is bullish. The commercials (smart money) think a bottom is close at hand for Gold. We are staying neutral for now.

http://www.talkmarkets.com/content/us-markets/a-pull-back-in-spy-is-coming?post=142562

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