Gold Miners ETF (GDX)

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The Ord Oracle: GDX Update
By: Tim Ord | May 3, 2023

SPX Monitoring Purposes: Long SPX on 2/6/23 at 4110.98.

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

Long Term SPX Monitor Purposes: Neutral.



Yesterday, we said, "The bottom window is the 50-day average of the Up-Down Volume percent for GDX, and the next window higher is the 50-day average of the Advance/Decline percent for GDX. We found that the 50-day average of the Up Down Volume percent identify up rend in GDX when this indicator is above 0 and stays above 0. We noted these times with the light blue-shaded area. It helps to confirm the uptrend when the 50-day average of the Up Down Volume percent is also above 0, but the 50-day average of the Advance/Decline appears to carry the load better. Both indicators closed above 0 back in late August of last year, and the 50-day average of the Advance/Decline has held above 0 in general since that time and remains above it, currently suggesting the GDX rally has further to go." Added to above is that 50-day average of Up Down Volume Percent (bottom window) closed above 0 today at +.98, suggesting the short-term consolidation may be ending and an impulse wave up is beginning.

Tim Ord,

Editor

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