Technical analyst Jack Chan is awaiting the gold bull correction and sees it as a good entry point for gold.
Our proprietary cycle indicator is down.
We have a set up to short GLD with tight stops.
We have a non confirmation this week as prices made a new high while indicator made a lower high.
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.
Meanwhile we have a set up to short GLD with tight stops.
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.
Want to read more Gold Report interviews like this? Sign up for our free e-newsletter, and you’ll learn when new articles have been published. To see a list of recent interviews with industry analysts and commentators, visit our Streetwise Interviews page.
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 …read more