Gold & Silver Consolidation Near Completion – Jack Chan

The precious metals sector is on a major buy signal. The cycle is down. The multimonth consolidation continues but should be at or near completion soon.

 

Submitted by Streetwise:

Technical analyst Jack Chan charts the latest moves in the gold and silver markets.

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Our proprietary cycle indicator is down.

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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.chanhui27-8
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 is now at levels of previous bottoms.

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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.

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Speculation is now at the level of a major bottom.

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Summary
The precious metals sector is on major buy signal. The cycle is down. The multimonth consolidation continues but should be at or near completion soon.

Jack ChanĀ is the editor of simply profits atĀ 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.

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