Caution: The Gold Correction Continues – Jack Chan

bear-bull-marketTechnical analyst Jack Chan charts the latest moves in the gold and silver markets, noting a bull market has emerged for the U.S. dollar.

Submitted by Streetwise:

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Our proprietary cycle indicator is down again, confirming price action.

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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.

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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.

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Speculation has now dropped below the level of the previous bottom.

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The trend remains down.

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USD is in a bull market since our major buy signal in 2011. A strong dollar is not friendly to the precious metals.

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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.

Summary
The gold sector is on a major buy signal. The cycle is down, and the trend is down. The correction continues. Caution is advised.

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