Gold Miners ETF (GDX)

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The Ord Oracle
By: Tim Ord | June 21, 2018

• SPX Monitoring purposes: Covered 6/19/18 at 2762.57 =gain .61%; Short SPX on 6/15/18 at 2779.42.
• Monitoring purposes Gold: Neutral.
• Long Term Trend SPX monitor purposes: Neutral.



We have pointed out in the past, the longer term bullish signs for GDX on the weekly and monthly charts. When the daily turns bullish, a strong rally could be expected and that is the reason we have been looking at the daily time frame. So far, the dailys are still in the bearish mode. The bottom window is the GDX/GLD ratio which is showing bullish signs and is outperforming GDX and this ratio usually leads GDX and suggests a rally in GDX is not far off. Next window up is the Cumulative Advance/Decline which is below the mid Bollinger® band and bearish. Top window is the RSI for GDX which is below 50 and a bearish sign for GDX. A close above 50 will turn the trend back to bullish. Next window down is the cumulative Up Down Volume which is neutral and not giving a lot of information. In general the short term picture for GDX is still bearish. Being patient for now.

https://www.investing.com/analysis/market-analysis-200326629

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