Gold Miners ETF (GDX)

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The Ord Oracle
By: Tim Ord | March 3, 2021

SPX Monitoring Purposes: Long SPX on 3/1/21 at 3901.82

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.



The second window up from the bottom is the monthly GDX/GLD ratio. This ratio has been trending sideways since 2013 between .25 to .10. Monthly GDX/GLD has tested the .25 range for the third time back in August of last year and has not backed away that much. Its has broken above the monthly downtrend line connecting the highs going back to 2007 (bullish) and next it would need to break above the horizontal resistance near .25. A break above .25 on this ratio would send gold stocks flying (compared to gold) as there is not much volume between .25 and higher (pointed out on Volume by Price indicator). Monthly GDX is at a trend line dating back to 2013 and the monthly mid Bollinger band; both of which suggest strong support. Market might need a gyration to get things going in the coming weeks. The market has taken its time, longer then expected, but should start to see positive results soon. Long GDX (10/9/20 at 40.78).

Tim Ord,

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