Analyst Jack Chan charts the latest moves in the gold and silver markets, and notes the metals are currently showing both short term AND long term Buy Signals:
Submitted by Streetwise:
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.
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.
Speculation has now dropped below the level of the previous bottom.
Gold stocks are 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.
The gold sector is on a major buy signal. The cycle is up. Short-term gold is also on a buy signal, looking for a trend-line support to establish and set up.