Gold Is Testing Resistance As It Breaks-Out Of The Four Year Bottoming Pattern

Jack Chan says that gold & silver are on long-term “buy” signals, but in the meantime, they are going through a pullback. Here’s the details…

by Jack Chan via Streetwise Reports

Our proprietary cycle indicator is up.

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.

Gold sector is on a short-term sell 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 sell signal, and short term signals can last for days to weeks, more suitable for traders.

 

Data supports overall higher prices.

Summary

The precious metals sector is on a long-term buy signal. The short term is on sell signals; a pullback is in progress. The cycle is up. COT data is supportive for overall higher metal prices. We are holding gold-related ETFs for long-term gain.

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.