SPDR Gold Trust (ARCA:GLD) – on buy signal.
iShares Silver Trust (ARCA:SLV) – on buy signal.
Market Vectors Gold Miners (ARCA:GDX) – on buy signal.
iShares TSX Global Gold (TO:XGD) – on buy signal.
Central Fund of Canada Ltd (ARCA:CEF) – on buy signal.
Gold has poked above the 200ema again, prompting breakout calls from some analysts. In a bear market, time is ripe for short sellers to return at current level. And if gold has bottomed and a new bull market is born, price action and COT data will confirm that over the next few weeks.
Summary
Long term – on major sell signal since Mar 2012 when $HUI was at 550.
Short term – on buy signals.
Gold sector cycle – up as of 11/14.
A bear market rally is in progress.
COT data suggests lower metal prices overall going forward.
Disclosure
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.
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