We are bullish on GDX and Gold on the monthly timeframe. The daily timeframes are a little more troublesome. For a bullish resolution for both gold and gold stocks, the Gold stocks usually outperform gold (A rising GDX/GLD ratio) and that is not what is happening here. Notice that GLD is above its April high and GDX is still below its April high, showing gold is stronger than gold stocks. Also the Commercials have jumped their short position to 220K. The previous two times in the last six months where Commercials where above 200K short where at the April and June highs. It’s also common that gold and gold stocks have reversals around Labor Day (one week from today). We are bullish on the bigger timeframes for both gold and gold stocks but the short term picture is not ideal for a continued rise in both. At worst we will be late on the buy signal but still catch the major part of the rally or a pull back does materialize and we buy at a better price. Still neutral for now.
SPX Monitoring purposes; Sold 8/23/17 at 2444.04 =gain .58%; Long SPX 8/17/17 at 2430.01. Monitoring purposes GOLD: Neutral Long Term Trend monitor purposes: Neutral.
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