Gold Miners ETF (GDX)

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The Ord Oracle
By Tim Ord | January 17, 2018

SPX Monitoring purposes; Sold long SPX 1/10/18 at 2748.22=gain 2.45%. Long on 12/27/17 & 2682.62.
Monitoring purposes GOLD: Long GDX on 1/12/18 at 24.01
Long Term Trend monitor purposes: Neutral.



The top window is the Bullish Percent index for the Gold Miners index. The bullish percent index measures the stocks in the Gold Miners index that are on Point and Figure buy signals. Since mid December this index has risen from 21% stocks on buy signals to near 36% on buy signals showing strength increasing. Next window down is GDX. GDX is on a buy signal and next resistance the previous high near 25.50 range. Normally on a test the third time the market breaks through and therefore we don’t believe the 25.50 range will be much of a resistance. The next window down is the GDX/GLD ratio which has broken through its downtrend line from early 2017 showing strength. We like for this ratio to outperforming GDX for a bullish case, and right now its keeping pace which is neutral, it may outperform later, Long GDX on 1/12/18 at 24.01.

Tim Ord,
Editor

http://stockcharts.com/articles/tac/2018/01/tim-ord-the-ord-oracle-january-17-2018.html

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