Technical analyst Jack Chan foresees a gold bull market correction, which he believes would make an excellent entry point.
Our proprietary cycle indicator is down.
GLD remains on short-term sell signal.
Gold stocks as represented by $HUI have not had a consolidation this year and it is long overdue.
The big picture remains the same in the dollar as the multi-month consolidation continues.
Summary
A bull market in gold and silver has been confirmed, but no bull market is sustainable on a nonstop price spike, therefore, it is not if but when a correction will begin. Bull market corrections can be very sharp but short lived, therefore, the next cycle bottom could be an excellent entry point.
Jack Chan is the editor of simply profits at www.simplyprofits.org, established in 2006. Chan bought his first mining stock, Hoko Exploration, in 1979, and has been active in the markets for the past 37 years. Technical analysis has helped him filter out the noise and focus on the when, and leave the why to the fundamental analysts. His proprietary trading models have enabled him to identify the NASDAQ top in 2000, the new gold bull market in 2001, the stock market top in 2007, and the U.S. dollar bottom in 2011.
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Disclosure:
1) Statements and opinions expressed are the opinions of Jack Chan and not of Streetwise Reports or its officers. Jack Chan is wholly responsible for the validity of the statements. Streetwise Reports was not involved in any aspect of the article preparation or …read more