Technical analyst Jack Chan charts the past week’s movements in the gold and silver markets.
GLD: on sell signal.
SLV: on sell signal.
GDX: on sell signal.
XGD.TO: on sell signal.
CEF: on sell signal.
USD: on buy signal, which is not friendly to the metals.
Summary
Long term—on a major buy signal
Short term—on sell signals
Gold sector cycle—is down
Investors should consider accumulating gold stocks/ETFs at the next cycle bottom as a correction is in progress.
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 editing so the author could speak independently about the sector. The author was not paid by Streetwise Reports LLC for this article. Streetwise Reports was not paid by the author to publish or syndicate this article.
2) Jack Chan: We …read more