Gold Miners ETF (GDX)

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The Ord Oracle
By: Tim Ord | October 18, 2017

SPX Monitoring purposes; long SPX 10/16/17 at 2557.64.
Monitoring purposes GOLD: Short GDX on 10/13/17 at 23.84.
Long Term Trend monitor purposes: Neutral.



The GDX rally into early last week showed both the 2 day average of the Advance/Decline and Up Down Volume indicators falling below “0” in a bearish manner. Yesterday’s decline pushed these two indicators further below “0” and remains bearish for now. Today GDX made a lower low and GDX/GLD ratio made a higher low and closed above yesterday close suggesting GDX could bounce here. However bounce is not expected to last long, maybe a day or two as the picture remains bearish. The Commercials (Smart money) remain short 223K contracts which is bearish for gold. Short GDX 10/13/17 at 23.84

Tim Ord,
Editor

http://stockcharts.com/articles/tac/2017/10/tim-ord-the-ord-oracle-october-18-2017.html

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