Gold & Silver Consolidation is Almost Completed! – Jack Chan

Technical analyst Jack Chan charts the latest moves in the gold and silver markets, noting signs that gold stocks are near the end of their corrective consolidation.

Submitted by Streetwise:

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Our proprietary cycle indicator is down.

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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.

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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.

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Both speculation and OI are not anywhere near a major top.

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The trend in gold is up.

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Gold stocks as represented by $HUI are now near the end of the corrective consolidation.

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Silver is on a long-term buy signal.

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

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COT data is supportive for overall higher prices.

Summary
The precious metals sector is on major buy signal. The cycle is down. The multimonth consolidation continues but should be near completion soon.