Bullish Signals for GDX? By: Tim Ord | July 19, 2018
• SPX Monitoring purposes; Sold 7/11/18 at 2774.04=gain 2.05%; Long SPX 6/29/18 at 2718.37. • Monitoring purposes Gold: Long GDX (NYSE:GDX) on 7/6/18 at 22.61 • Long Term Trend SPX monitor purposes; Sold long term SPX 7/16/18 at 2798.43= gain 2.95%; Long 6/29/18 at 2718.37.
The middle window is the GDX/GLD ratio. Bullish signals for GDX can be triggered with the GDX/GLD ratio. A rising GDX/GLD ratio shows that gold stocks are stronger than gold and a bullish condition for both gold stocks and gold. A bullish signal is triggered for GDX when the RSI for GDX/GLD ratio closes above 50 and a bearish signal when close below 50. A bullish signal was triggered back in early April and since then GDX has just moved sideways. The RSI gained ground form yesterday (closed yesterday 50.91) closed today at 56.78 and remains on a bullish signal. The ratio is acting unusual and may be signaling that something new is about to happen to the current market conditions. If GDX/GLD ratio RSI weakens in the coming days and falls below 50 could jeopardizes our long position in GDX. Long GDX on 7/6/18 at 22.61.
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