GDX/GLD Ratio Leads The Way For GDX By Tim Ord | April 25, 2017
• SPX Monitoring purposes; Long SPX on 4/24/17 & 2374.15. • Monitoring purposes Gold: Neutral • Long Term Trend monitor purposes: Neutral.
GDX/GLD ratio leads the way for GDX. The GDX/GLD ratio has dropped to its early March low, suggesting GDX is heading to its early March low near 21.00. It's too soon to say that will be the final low, will have to wait and see what happens at the 21.00 level if or when GDX get there. The RSI for the GDX/GLD ratio (top window)fell below 50 on April 18 and remains below 50, suggesting the GDX/GLD ratio is still in a downtrend. If GDX/GLD ratio is in a down trend, than GDX also should be weak as GDX/GLD ratio leads the way for GDX. For the next low in GDX, the GDX/GLD ratio should show signs of a bullish divergence where GDX is weaker than GDX/GLD ratio. Another clue a GDX bottom is nearing is for GLD weaker than GDX. For now a possible target for GDX is the early March low near 21.00. For now we will be patience and wait for the next bullish setup.
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