Technical analyst Jack Chan charts a break in copper, as well as recent movements in the gold and silver markets.
Our proprietary cycle indicator remains down.
The 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.
The old sector is on a short-term sell signal. Short-term signals can last for days and weeks, and are more suitable for traders.
Speculation is rising from level of previous bottom.
The trend reversed down this week.
Silver is on a long-term buy signal.
SLV is on a short-term sell 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. The cycle is down and the trend is down. The correction continues. Caution is advised.
Copper prices broke out this week from the year-long base, as we anticipated.
FCX also broke out from the handle. We are holding this copper giant 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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