Jack Chan updates his charts for this last week of January to ask, “has gold finally bottomed”? Here’s what he found…
Our proprietary cycle indicator is up.
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.
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 is in bull market values.
This is a massive bottoming pattern four years in the making, with prices now testing resistance.
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.
Speculative longs are bouncing back sharply from the lowest level in years.
Precious metals sector is on major buy signal.
Cycle is up, suggesting that the multi-month correction is now complete.
COT data is supportive for overall higher metal prices.
We are holding gold related ETFs for long-term gain.
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.