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Wednesday, December 19, 2018 2:10:55 PM
The Ord Oracle
By: Tim Ord | December 19, 2018
SPX Monitoring purposes; Long SPX on 10/22/18 at 2755.88.
Monitoring purposes GOLD: Sold 11/27/18 at 18.88=gain .075%; Long GDX at 18.72 on 8/17/18
Long Term Trend SPX monitor purposes; Long SPX on 10-19-18 at 2767.78
The top window is the Bullish Percent Index for the Gold Miners index, which has been moving higher for several weeks and produced a bullish sign. GDX is running into the trend line connecting the lows going back to early 2017, which is resistance. If GDX can get through this resistance, that would be a game changer and would suggests a bottom is in, but we are not sure that will happen. There is a cycle low due in January or February, but there is now evidence that the cycle low may come in the January 22 timeframe of 2019, which would imply there is a minor high due soon. The last COT report showed that Gold commercials moved to a 77K short position and above the 50K, which is in the neutral to bearish category for them. We are watching carefully what this chart does next - either a bull run is starting or a short-term top is near. Our thinking at the moment is still a pullback first before the real bull run begins. We sold our long GDX position (11/27/18) at 18.88 for a .075% gain; Long GDX at 18.72 on 8/17/18. We will wait for the next bullish setup.
Tim Ord,
Editor
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• DiscoverGold
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By: Tim Ord | December 19, 2018
SPX Monitoring purposes; Long SPX on 10/22/18 at 2755.88.
Monitoring purposes GOLD: Sold 11/27/18 at 18.88=gain .075%; Long GDX at 18.72 on 8/17/18
Long Term Trend SPX monitor purposes; Long SPX on 10-19-18 at 2767.78
The top window is the Bullish Percent Index for the Gold Miners index, which has been moving higher for several weeks and produced a bullish sign. GDX is running into the trend line connecting the lows going back to early 2017, which is resistance. If GDX can get through this resistance, that would be a game changer and would suggests a bottom is in, but we are not sure that will happen. There is a cycle low due in January or February, but there is now evidence that the cycle low may come in the January 22 timeframe of 2019, which would imply there is a minor high due soon. The last COT report showed that Gold commercials moved to a 77K short position and above the 50K, which is in the neutral to bearish category for them. We are watching carefully what this chart does next - either a bull run is starting or a short-term top is near. Our thinking at the moment is still a pullback first before the real bull run begins. We sold our long GDX position (11/27/18) at 18.88 for a .075% gain; Long GDX at 18.72 on 8/17/18. We will wait for the next bullish setup.
Tim Ord,
Editor
Read More »»»
• DiscoverGold
Click on "In reply to", for Authors past commentaries
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
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