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Thursday, April 11, 2019 7:59:10 AM
The Ord Oracle
By: Tim Ord | April 10, 2019
SPX Monitoring purposes; Sold SPX 3/28/19 & 2815.44= gain .61%; Long 2798.36 & 3/25/19.
Monitoring purposes GOLD: Long GDX on 1/29/19 at 21.96.
Long Term Trend SPX monitor purposes; Long SPX on 10-19-18 at 2767.78
Above is the daily GDX chart with its channel lines. Back last August, GDX fell through support near 21.00 and then rallied back above 21.00 in January, creating a bullish “Shakeout.” It is said, “if a market can’t hold below its previous lows, it will reverse and attempt to takeout the previous highs.” The previous highs in this case is the 25.00 range and that appears to be where GDX is heading. GDX has been trading in an up-trending set of parallel “Channel lines.” GDX found support at the lower channel line in early April and it appears it may now head to the upper channel line, which could be reached in early May near the 25.00 range. The second window up from the bottom is the GDX/GLD ratio, which has been rising since last September and shows that gold stocks is outperforming gold, a bullish condition for both gold and gold stocks. Trend is up for now and a possible resistance zone may be reached in early May near the 25.00 area. Long GDX on 1/29/19 at 21.97.
Tim Ord,
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By: Tim Ord | April 10, 2019
SPX Monitoring purposes; Sold SPX 3/28/19 & 2815.44= gain .61%; Long 2798.36 & 3/25/19.
Monitoring purposes GOLD: Long GDX on 1/29/19 at 21.96.
Long Term Trend SPX monitor purposes; Long SPX on 10-19-18 at 2767.78
Above is the daily GDX chart with its channel lines. Back last August, GDX fell through support near 21.00 and then rallied back above 21.00 in January, creating a bullish “Shakeout.” It is said, “if a market can’t hold below its previous lows, it will reverse and attempt to takeout the previous highs.” The previous highs in this case is the 25.00 range and that appears to be where GDX is heading. GDX has been trading in an up-trending set of parallel “Channel lines.” GDX found support at the lower channel line in early April and it appears it may now head to the upper channel line, which could be reached in early May near the 25.00 range. The second window up from the bottom is the GDX/GLD ratio, which has been rising since last September and shows that gold stocks is outperforming gold, a bullish condition for both gold and gold stocks. Trend is up for now and a possible resistance zone may be reached in early May near the 25.00 area. Long GDX on 1/29/19 at 21.97.
Tim Ord,
Editor
Read Full Story »»»
• 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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