GOLDBUGS AMEX Goldbugs Index (GOLD)

[DiscoverGold]

GDX Technicals
By: Tim Ord | Agust 1, 2018

• SPX Monitoring purposes; Sold SPX 7/24/18 & 2820.40= gain .57%; Long SPX 7/19/18 & 2804.49.
• Monitoring purposes Gold: Neutral.
• Long-Term Trend SPX monitor purposes; Sold long term SPX 7/16/18 at 2798.43= gain 2.95%; Long 6/29/18 at 2718.37.



As we said yesterday, “Momentum needs to turn back up to get the picture back to bullish”. This chart shows several momentum indicators and a couple of them are showing bullish divergences. The top window is the RSI for VanEck Vectors Gold Miners (NYSE:GDX) and a close above 50 will be a bullish sign (today’s close is 40.82. Next window down is the Cumulative Up Down volume which made a higher close low as GDX made a lower low and a positive sign. ). Next window down is GDX which drew a bullish candlestick pattern called a “Bullish Engulfing”. Next window down is the Cumulative Advance/Decline which also made a higher low as GDX made a lower low and a bullish sign. Bottom window is the GDX/GLD ratio which is bullish when this ratio is rising and at the moment is still declining. Gold commercials short position on the last report updated last Friday closed at 66K and the least short position going back to the December 2015 bottom. Major lows have formed in Gold when the Commercial position has been less than 100K. Market is still pounding out a low here but momentum needs to turn back up to get us long again. Visit ord-oracle.com. New Book release "The Secret Science of Price and Volume" by Timothy Ord.

https://www.investing.com/analysis/spx-spy-gold-and-gdx-technicals-080118-200335246

• DiscoverGold

Click on "In reply to", for Authors past commentaries