Gold Miners ETF (GDX)

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The Ord Oracle
By: Tim Ord | February 23, 2021

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SPX Monitoring Purposes: Long SPX on 2/22/21 at 3876.50

Monitoring Purposes GOLD: Long GDX on 10/9/20 at 40.78

Long Term SPX Monitor Purposes: Sold long SPX on 1/15/21 at 3768.25= gain 10.80%; Long SPX on 10/26/20 at 3400.97



Since the last low in November on GDX (XAU), the Inflation/Deflation ratio has been making higher highs and higher lows. Comparing this to GDX, which has made lower highs and lower lows, a positive divergence is present. Notice also the XAU has made a higher high and higher low from its November low. There was a possibility that GDX may test major support near 30.00 (10% lower) but, with the Inflation/Deflation ratio showing strength, the 30.00 range may not be in the cards. Yesterday's "Sign of Strength" in GDX off a low and testing the February 17 gap on higher volume (bullish) suggests a low could have been made (not shown). It's easy to point to a low after the fact, but there are positive divergences showing up. Long GDX (10/9/20 at 40.78).

Tim Ord,

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