Jack Chan: The Data Is Now Supportive For The Bottom In Metal Prices

Jack says now is the time to be a buyer for long term gains. Here’s an update…

by Jack Chan via Streetwise Reports

Technical analyst Jack Chan charts the latest movements in the gold and silver markets, noting speculation has reached ‘bull market values’.

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 sell signal. Short-term signals can last for days and weeks, and are more suitable for traders.

Speculation is in bull market values.

Open interests are now at levels of previous bottoms.

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.

Speculation in silver is now at levels of previous bottoms.

Summary
The precious metals sector is on major buy signal. The cycle is down, as the multimonth consolidation continues. COT data is now supportive for a bottom in 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.