Gold Miners ETF (GDX)

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The Ord Oracle: GDX Update
By: Tim Ord | March 30, 2022

SPX Monitoring Purposes: Long SPX on 3/25/22 at 4543.06.

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

Long-Term SPX Monitor Purposes: Neutral.



We have shown this chart is the past. On a previous report, we were expecting GDX to move sideways and, so far, that appears to be playing out. There still maybe a week or two of sideways action before another impulse wave starts, which is expected to go higher. The bottom two windows are the Advance/Decline percent and Up Down Volume percent, with an 18-day average for the GDX. As long both indicators stay above 0, the uptrend is considered intact. GDX has only retraced 38.2% of the rally that started form the January low, suggesting this sideways consolidation is at the halfway point of the move up; that would give a target near the 47.00 range.

Tim Ord,

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