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Gold Ready To Correct

Published 08/23/2016, 01:22 AM
Updated 07/09/2023, 06:31 AM

No bull market is sustainable on a nonstop price spike, says technical analyst Jack Chan, and he predicts the current gold bull market will soon correct, providing an good entry point.

Gold Chart

Our proprietary cycle indicator is down.

SPDR Gold Shares GLD Daily Chart

We are short GLD (NYSE:GLD) with a tight stop.

HUI:GLD Daily Chart

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HUI-GLD Daily Chart II

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.

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.

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