Gold Miners ETF (GDX)

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The Ord Oracle
By: Tim Ord | December 20, 2017

SPX Monitoring purposes; Sold long 12/11/17 at 2659.99 = gain 1.17%; Long SPX on 12-6-17 at 2629.27.
Monitoring purposes GOLD: Covered short GDX 12/12/17 at 21.40=gain 5.14%; Short GDX on 11/13/17 at 22.56
Long Term Trend monitor purposes: Neutral.



The COT Commercials covered their short position to 119K last week; down from 190K the week before. The Commercial short of 119K have appeared at intermediate term bottom for gold. The bottom window is the Up/Down volume indicator which is holding above “0” next window up is the Advance/Decline indicator which also holding above “0” and bullish for GDX. Yesterday, GDX gaped up and tested the last Thursday’s high on much lighter volume showing Thursday high has resistance. Today GDX tested yesterday’s high on lighter volume also showing resistance. What may transpire in the coming days is a test of the open gap before heading higher. A close above the previous lows of November for GDX will be a bullish sign for the intermediate term. A bullish setup could form in the gap area near 21.80 on GDX. We covered our short position on 12/12/17 at 21.42=gain of 5.14%; 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-20-2017.html

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