Gold Miners ETF (GDX)

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The Ord Oracle: GDX Update
By: Tim Ord | May 4, 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 updated this chart from past reports, which is the monthly Inflation/Deflation ratio. We pointed out earlier this year that the monthly Bollinger bands are pinching on this ratio, suggesting a large move is nearing. Since then, the monthly Bollinger Bands are just starting to expand, suggesting this large move is beginning. Notice also that the ratio has closed above its trend line, connecting the high going back to 2016, which is a breakout. The top window is the RSI for this ratio, which is above 50, showing this ratio is in an uptrend. Another bullish factor is that the ratio is above its mid-monthly Bollinger Band. The monthly chart remains bullish and, according to the studies on this page, the rally is in the early stages of a bullish move.

Tim Ord,

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