Technical analyst Jack Chan plots the continuing correction in the gold and silver markets.
Our proprietary cycle indicator remains down.
Gold sector is on a long-term buy signal. Long-term signals can last for months and years and are more suitable for investors holding for long term.
Gold sector is on a short-term buy signal. Short-term signals can last for days and weeks, and are more suitable for traders.
Speculation continues to pullback.
Silver is on a long-term buy signal.
SLV is on a short-term buy signal, and short-term signals can last for days to weeks, more suitable for traders.
Summary
A bull market in gold and silver has been confirmed, but the cycle is down and a multiweek correction is in progress. Caution is advised.
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 …read more