Our proprietary cycle indicator reached 100% and turned
down last week.
USD broke out as anticipated in last week's update.
Gold stocks as represented by $HUI have not had a
consolidation this year; consolidation is long overdue.
Summary
A bull market in gold and silver is now confirmed, but the cycle has turned
down, suggesting that a long overdue correction may have started. USD broke
out and up as expected, which is not friendly to the metals.
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
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Charts courtesy of Jack Chan
