Gold and Silver miners (Jr and Exploration)

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The Ord Oracle
By: Tim Ord | March 18, 2020

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SPX Monitoring purposes: Flat

Monitoring purposes GOLD: Long GDX on 1/29/19 at 21.96.

Long Term Trend SPX monitor purposes: Flat



On Thursday's report, we wrote "Above is an indicator that gives few signal but the signals it gives are usually actuate. The chart above dates back to 2008 and shows the times when the RSI for the Bullish percent index for the Gold Miners index falls below 10% and then turns up. As of yesterday's close the RSI stands at 6.07 and today close may be lower. The RSI needs to turn up to complete the signal and therefore the signal is in the range but has turned up. Of the 12 signals since 2008 (about one a year) there was only one failure (92% correct) which was in 2013. Any short term rally most likely will turn up the RSI." The RSI for the Bullish Percent Index for the Gold Miners index closed yesterday at 22.39 and has generated a buy signal. These buy signals can last several months. What was unusual about this market was that it went down so fast it did not generate a sell signal, as the 10-day average of the Bullish Percent index stayed above 40%. It has now generated another buy signal by the RSI method described above. We are thinking that a "Sign of Strength" may still develop through the 31.00 GDX range in the coming weeks. Long GDX on 1/29/19 at 21.97.

Tim Ord,

Editor

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