Gold Miners ETF (GDX)

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The Ord Oracle
By: Tim Ord | June 13, 2018

• SPX Monitoring purposes; Neutral.
• Monitoring purposes GOLD: neutral
• Long Term Trend SPX monitor purposes: Sold 6/7/18 at 2770.37=gain .76%;Long SPX 3/14/18 at 2749.48.



The short term picture is still on a sell signal according to the daily cumulative Up Down Volume and the Cumulative Advance/Decline indicators (see yesterday’s report). Above is the weekly Silver/Gold ratio (ETF SLV/GLD) going back to 2006. In March the SLV/GLD ratio hit into the area where the last two marked major lows in the XAU. The SLV/GLD ratio has been moving up since the March low in the XAU suggests the bottom may have been seen then as the market has moved up modestly. From the December 2015 low the XAU has only retraced 50% suggesting a bullish outcome. Notice that the weekly Bollinger bands on the XAU are narrowing as the XAU trading range has tighten. This extreme low volatility leads to high volatility at some point in the near future (quiet before the storm). The FOMC meeting announcement is tomorrow (2:00 Eastern) and could be the news to get things going. Being patience for now.

Tim Ord,
Editor

http://stockcharts.com/articles/tac/2018/06/tim-ord-the-ord-oracle-june-13-2018.html

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