GOLDBUGS AMEX Goldbugs Index (GOLD)

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The Ord Oracle
By: Tim Ord | April 17, 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



The above chart is the daily Gold chart, which is updated after the close, and the bottom window is the ETF for Gold (GLD) with current updated prices. Yesterday, we said “Gold appears to be drawing a 'Triangle Pattern.' 'Triangle Pattern' usually follows the direction that preceded it, which is up in this case. It's also common for 'triangles' to have a 'False' breakout before reversing higher and that could happen here.” It appears a false breakout is occurring on GLD. We mention on past reports that there is a cycle low due mid-April to early May and we are in that time zone now; a pullback in that timeframe would suggests an important low is near. So far the pullback on Gold has only retraced 38.2% and if the retracement in general holds that Fibonacci level, it bodes well for the longer term, as it would mean the current consolidation would mark the halfway point of the move up. This would give a target near 1460 range for gold. If gold goes up so will gold stocks and GDX. Long GDX on 1/29/19 at 21.97.

Tim Ord,
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