The precious metals sector is on major buy signal.

Submitted by Streetwise:

Technical analyst Jack Chan charts the latest moves in the precious metal markets, noting the impacts of a sharp selloff in silver.

chancover5-13-17

Our proprietary cycle indicator is down.

chanhui1513
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.

chanhui2513
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.

chanhui3513
The correction since February is expanding, now with resistance and support. The longer the consolidation, the more powerful the eventual breakout.

chansilver513
Silver is on a long-term buy signal.

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SLV is on a short-term sell signal, and short-term signals can last for days to weeks, more suitable for traders.

chansilverslide
The sharp selloff of the past three weeks has shrunk speculative activity to levels of previous bottoms.

Summary
The precious metals sector is on major buy signal. The cycle is down, barely. The multimonth consolidation continues.

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  1. Plenty of charts – probably means something to somebody, not me.

    My edumacation didn’t include chart reading.

    On a more personal note, and don’t tell everyone or they will want one, @AGXIIK     @Ed_B   
      
    The latest video from Mike Maloney is out, and near the end of it he is giving away a free digital book.      Click neat the top right-hand corner.  
       
    If you want a digital copy, just give him your email address and they send it to you.  
     The book:     How to invest in gold & Silver   
    Video: The Everything Bubble: Stocks, Real Estate & Bond Implosion – Mike Maloney   
        
    https://www.youtube.com/watch?v=w0Oz2R0u4VM    

  2. Gold’s 6 month chart shows higher lows and higher highs.  Gold silver ratio 74/1.  A barrel of oil is selling $10 above the price of gold per gram.  Dollar is down.  So it looks like the coast is clear for a leg higher in both metals.

    Which tells me the market manipulators will be dumping lots of paper metal into the market to cap the price while central banks continue to buy the stock market and bitcoin breaks $2k.

    Same as it ever was.

    • Recently the “dumb” money has moved out of dollars and the Dow and is moving into the EUR/USD and GBP/USD crosses and physical euros as they believe everything is fixed in Europe with the French election. The hedge funds on the Comex are not buying it as they drove the price up to just over the 1260 minor resistance level and then added shorts riding the price from 1263 down to currently 1252. They have been going long first as this is their hedges for their long dollar position in currencies in FOREX and currency futures markets. When there has been short term dollar weakness they move price up and when currency traders in London created additional dollar strength they would jump on the other side of the trade and ride price weakness back down. With the dumb money creating dollar weakness and the hedge funds short again they are expecting that dollar strength will be returning soon. Reversal level for the EUR/USD cross is around the 113/114 level. looks like we may be moving down in gold.

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