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Jack Chan: A Bottoming Pattern May Be in Process


 -- Published: Wednesday, 3 October 2018 | Print  | Disqus 

Source: Streetwise Reports   10/02/2018

Technical expert Jack Chan updates the gold and silver charts, including what he believes to be a bottoming pattern.

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Our proprietary cycle indicator is now up.

The gold sector is 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 buy 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 short-term buy signal. This ratio has been a leading indicator for the gold sector during the last gold bull market.

Speculation remains at a multidecade low.

Silver is 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 remains at a multidecade low.

A potential bottoming pattern is in progress.

Summary
The precious metals sector is on a long-term sell signal, which is suitable for trading and not for long-term holding. Short term is on buy signals. The cycle is up. A potential bottoming pattern is in progress.

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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 -- Published: Wednesday, 3 October 2018 | E-Mail  | Print  | Source: GoldSeek.com

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