Gold Miners ETF (GDX)

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The Ord Oracle: GDX Update
By: Tim Ord | October 24, 2023

SPX Monitoring purposes: Sold SPX Oct. 18, 2023, at 4314.60 gain 0.35%; Long SPX Sept. 28, 2023 at 4299.70. Gain since Dec 20, 2022 = 16.30%. Monitoring purposes GOLD: Long GDX on Oct. 9, 2020, at 40.78.



The top window in the above chart is the weekly GDX graph. The next lower window is the weekly cumulative GDX Up-Down Volume Percent, and the next lower window is the weekly cumulative GDX Advance-Decline Volume Percent. This chart goes back nearly two years. We added the Bollinger Bands to the bottom two indicators. Bullish and bearish signals are triggered for GDX when either or both indicators close above (bullish) or below (bearish) their mid-Bollinger bands. The red dotted lines on the chart above are when a bearish signal is triggered, and the dotted blue lines are when a bullish signal is triggered. Last week, both indicators closed above their mid-Bollinger bands, triggering a buy signal. The signal usually lasts two to six months.

Tim Ord,

Editor

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