Technical analyst Jack Chan charts the completion of the gold market’s long correction.
Submitted by Streetwise:
Our proprietary cycle indicator is now up.
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 buy signal. Short-term signals can last for days and weeks, and are more suitable for traders.
A breakout is confirmed this week, suggesting that the multimonth correction since last summer is now complete.
Speculative sentiment, according to current open interests, is supportive for overall higher prices.
Silver is on a long-term buy signal.
SLV is on a short-term buy signal, and short-term signals can last for days to weeks, more suitable for traders.
Speculative sentiment, according to open interests, is supportive for overall higher prices.
The precious metals sector is on major buy signal. The cycle is up. The multimonth correction is complete; looking for overall higher prices.
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.