Gold & Silver Update: MAJOR Buy Signal?
Technical analyst Jack Chan charts the week’s movement in the gold and silver markets, continuing to track a multimonth correction.
Submitted by Streetwise:

Our proprietary cycle indicator is 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.
Both speculation and OI are not anywhere near a major top.
The trend is up.
Silver is on a long-term buy signal.
SLV is on a short-term buy signal, and short-term signals can last for days to weeks, more suitable for traders.
COT data is supportive for overall higher prices.
Summary
The precious metals sector is on a major buy signal. The cycle is down, barely. The multimonth consolidation continues.

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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.
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