ARCA:GLD – on sell signal.
ARCA:SLV – on sell signal.
ARCA:GDX – on sell signal.
TO:XGD – on sell signal.
AMEX:CEF – on sell signal.
HUI has broken major support at 150 this week and that is now resistance.
From a long term perspective, gold has a long way to go before major support, and USD has substantial upside before major resistance.
Summary
Long term – on major sell signal since Mar 2012 when HUI was at 550.
Short term – on sell signals.
Gold sector cycle – down as of 5/16.
Caution is advised, but gold sector could see a tradable bottom in coming weeks
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.