Technical analyst Jack Chan charts the latest developments in the gold and silver markets, including an all-time high in speculation in silver:
Submitted by Streetwise:
Our proprietary cycle indicator remains down.
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.
Prices are bound tightly between support and resistance. Looking for a break.
A trend has not been established as to whether speculative activities are in a bull or bear market, according to COT data.
Silver is on a long-term buy signal.
SLV is on a short-term sell signal, and short-term signals can last for days to weeks, more suitable for traders.
Speculation in silver made a new all-time high this week, but prices remain well below the 2016 high.
The gold sector is on major buy signal. The cycle is down. A correction is in progress.
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.
Want to read more Gold Report articles like this? Sign up for our free e-newsletter, and you’ll learn when new articles have been published. To see a list of recent articles and interviews with industry analysts and commentators, visit our Streetwise Interviews page.