Gold Miners ETF (GDX)

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The Ord Oracle
By: Tim Ord | September 19, 2018

SPX Monitoring purposes; Neutral
Monitoring purposes GOLD: Long GDX at 18.72 on 8/17/18
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.



The chart above is the GDX New Highs-New lows percent (GDXHLP). The sell off in mid August produced a “Selling Climax” that saw 70% of the stock in GDX hit new low. The last two times that happened, (back in 2015 and 2016) the market saw a re-test, then a worthwhile rally that went above their previous high. The previous high in the current setup is the 19.50 range and that would represent the minimum target. We have other studies that a target to 26.00 range is possible. There is a cycle high due in November (mid term election?) and we'll see what happens there. Long GDX at 18.72 on 8/17/18.

Tim Ord,
Editor

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