Gold Miners ETF (GDX)

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

SPX Monitoring purposes; Neutral
Monitoring purposes GOLD: Short GDX on 11/13/17 at 22.56
Long Term Trend monitor purposes: Neutral.



The COT Commercials bumped their short position again last week to 247K up from 225K the week before and remain bearish. The bottom window is the Bullish Percent index for the Gold Miners index which as been trending down since September, standing now at 25% on point and Figure buy signals. It a bullish sign when the Bullish percent index rises back above 60%. The third and forth windows up from the bottom are the Up/Down Volume and Advance/Decline indicators which remain below “0” and bearish: a rise above “0” will be a bullish sign. Next window up GDX, a trend that started back in March near 21.00 could be where the next low may be found. The longer in time the trend line the stronger the support, so the 21.00 support may hold on the current decline. For now the picture remains bearish for GDX. Short GDX on 11/13/17 at 22.56.

Tim Ord,
Editor

http://stockcharts.com/articles/tac/2017/12/tim-ord-the-ord-oracle-december-6-2017.html

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