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.
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 do not offer predictions or forecasts for the markets. What
you see here is our simple trading model, which provides us the signals and
set-ups to be either long, short, or in cash at any given time. Entry points
and stops are provided in real time to subscribers, therefore, this update
may not reflect our current positions in the markets. Trade at your own discretion.
We also provide coverage to the major indexes and oil sector.
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Charts courtesy of Jack Chan
