Gold Miners ETF (GDX)

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The Ord Oracle
By: Tim Ord | May 8, 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; Sold long SPX on 5/6/19 at 2932.61= gain 5.96%: Long SPX on 10-19-18 at 2767.78



The bottom window is the 18-MA of the Advance/Decline, next window up is the 18 MA of the Up Down Volume and both are at levels where bottoms have formed for GDX. Over the last couple of days, GDX closed the gap of January 25 and tested the 2017 low near 20.50 while the Up Down Volume and Advance/Decline indicators tested their oversold levels, suggesting support is near. Last week marked the fourth week down in a roll, which is rare and bullish. Five weeks down in a roll most likely will not be seen, which is the reason we expect this week to be up. Today’s rally is a good start and may continue. Also, GDX had a surge in volume on a down day on May 1, suggesting short-term exhaustion and adding to the bullish scenario. A time cycle low is due now and helps the bullish outlook. A possible upside target is the 2017 highs near 25.00 range. Long GDX on 1/29/19 at 21.97.

Tim Ord,
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