» SPX Monitoring purposes; Long SPX on 10/22/18 at 2755.88. » Monitoring purposes GOLD: Sold 11/27/18 at 18.88=gain .075%; Long GDX at 18.72 on 8/17/18 » Long Term Trend SPX monitor purposes; Long SPX on 10-19-18 at 2767.78
We have plotted vertical blue and red lines where the RSI of the GDX/GLD ratio RSI passes above and below the 50 level, showing buy and sell signals. Right now, the RSI for the GDX/GLD ratio stands at 44.23, which is bearish short term. There have been back and forth signals since the September low and it still appears to be in the back and forth scenario. The Gold Commercials are short at 23K, up from short 1823 contracts last week and still in bullish territory (but less bullish than the week before). Commercials shorts less than 50K have marked significant lows in the past. GDX and Gold appear to be in a bottoming pattern, but that bottoming pattern is incomplete and another test of the lows is possible in the coming days. We sold our long GDX position today (11/27/18) at 18.88 for a .075% gain; Long GDX at 18.72 on 8/17/18. We will wait for the next bullish setup.
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