In his weekly precious metals market update, technical analyst Jack Chan charts the latest moves in the gold and silver markets.
Our proprietary cycle indicator is down.
The gold sector is now on a long-term sell signal. Long-term signals can last for months and years and are more suitable for investors.
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.
Our ratio between gold and gold stocks is on a short-term sell signal.
Speculation is now at net short for the first time since 2001.
Silver is now on a long-term sell signal.
SLV is on a short-term buy signal, and short-term signals can last for days to weeks, more suitable for traders.
Speculation is at net short again.
USD is now back on a long-term buy signal.
Summary The precious metals sector is now on a long-term sell signal, which is suitable for trading and not for long-term holding. Short term is on mixed signals. The cycle is down. COT data is at extreme levels, which suggests a recovery may have already begun. We are looking to exit our long-term positions upon a recovery rally.
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.
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