Gold rose sharply after Britain’s Brexit vote and technical analyst Jack Chan has found that a new gold bull market has been confirmed.
We have been patiently waiting for the confirmation of a bull market in gold, and this past week we have just that.
Speculation, according to COT data, is in bull market values.
The 2015 high in gold prices is now exceeded.
Our proprietary cycle indicator is now at levels of previous tops, and, therefore, it is prudent to wait for a correction when the cycle turns down, and begin accumulating positions at the next cycle bottom.
Summary
A bull market in gold is now confirmed, but for risk management, we shall wait for the next cycle bottom to begin accumulating positions for the long term.
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) Statement 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 …read more