Technical analyst Jack Chan charts recent movements in the gold and silver markets.
With COT data showing signs of a bottom, Chan is waiting for price action to confirm.
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Submitted by Streetwise:
Our proprietary cycle indicator is down but can be bottoming.
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.
Speculation has reached the level of the previous bottom.
GDX is testing resistance.
The Canadian gold stock ETF is also testing resistance.
Silver is on a long-term buy signal.
SLV is on a short-term sell signal as the buy signal has failed, and short-term signals can last for days to weeks, more suitable for traders.
A bull market in gold and silver has been confirmed. The cycle is down and the trend is down, but that can change very soon. COT data is showing the first sign of a bottom; let’s wait for price action to confirm.