Gold Miners ETF (GDX)

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The Ord Oracle
By: Tim Ord | September 2, 2020

SPX Monitoring Purposes: Sold long SPX 8/18/20 at 3389.78=gain .49%; long 3373.43.

Monitoring Purposes GOLD: Long GDX on 7/8/20 at 38.62.

Long Term Trend SPX Monitor Purposes: Short SPX 5/13/20 at 2820.



Today's decline gives credit to what we said yesterday, "We don't believe the rally from the March low is done and another rally to new highs is possible. There is still a possibility that the Selling Climax low of August 11 may be tested before the next impulse rally up starts. This coming weekend is the Labor Day holiday and a week from today, next Monday, is when markets are closed. Gold markets have a good history of reversing around holidays. If gold markets rally into this Friday (Labor Day weekend) then it could present a high and, if declining into Friday could be a low. There is no guarantee that a pull back will occur to test the 8/11 low, but we have found that, the higher the Volume on the 'Selling Climax,' the more likely that the selling climax low will be tested and the 8/11 low had very high volume. Another thing, the higher the volume on the selling climax, the more likely the test will hold. Another impulse wave is coming and a test of the 8/11 low is possible; if tested, it would be a good place to add to positions. Silver stocks should outperform gold stocks on the next potential impulse rally. The next impulse wave high may end the rally phase that began at the March low. So the next high could lead to a multi-month consolidation that could extend into next year." Long GDX on 7/8/20 at 38.62.

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