Technical analyst Jack Chan updates his gold and silver charts.
Our proprietary cycle indicator is up.
ARCA Gold BUGS (HUI)
The 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.
The gold sector is on a short-term sell signal. Short-term signals can last for days and weeks, and are more suitable for traders.
Speculation is in bull market values.
SPDR Gold Shares (NYSE:GLD)
A massive multiyear bottoming pattern is in progress.
Silver is on a long-term buy signal.
iShares Silver (NYSE:SLV)
SLV is on a short-term sell signal, and short term signals can last for days to weeks, more suitable for traders.
Speculation is at a multiyear low and yet prices are holding firm.
Summary
The precious metals sector is on a long-term buy signal. Short term is on sell signals. The cycle is up. COT data is supportive for overall higher metal prices. We are holding gold-related ETFs for long-term gain.
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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