Replies to post #1989 on Gold Miners ETF (GDX)

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The Ord Oracle
By: Tim Ord | February 27, 2019

SPX Monitoring purposes; Sold SPX on 2/12/19 at 2744.73 gain 1.36%; long 2707.89 on 2-8-19.
Monitoring purposes GOLD: Long GDX on 1/29/19 at 21.96.
Long Term Trend SPX monitor purposes; Long SPX on 10-19-18 at 2767.78



Here is the monthly GLD chart (ETF for Gold). The pattern forming appears to be a Head and Shoulders bottom where the Head formed at the 2016 low. The right should appear near completion and testing the “Neckline.” For confirmation of a Head and Shoulders bottom, a “Sign of Strength” through the “Neckline” is needed. A “Sign of Strength” is a high-volume wide price spread through the “Neckline” price. Looking at the monthly price volume from the low in November 2018, the market has been up four months in a row (green bars), which shows strength. GLD could hesitate near current prices, but a surge in strength should commence in the coming weeks to confirm the Head and Shoulders bottom. The top window is the monthly RSI for GLD; readings above 50 suggest GLD is in an uptrend. The current reading is 57.31. Long GDX on 1/29/19 at 21.97.

Tim Ord,
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