Correction in Gold and Silver Price Underway
Commodities / Gold and Silver 2016 Aug 30, 2016 - 12:11 PM GMTBy: The_Gold_Report
Technical analyst Jack Chan charts a correction in the gold and silver markets and plots his investment strategy.
Our proprietary cycle indicator is down.
We are short GLD with a tight stop.
Our ratio remains on sell signal.
Summary
A bull market in gold and silver has been confirmed, but the cycle is down and a correction is in progress. We are short GLD with tight stops.
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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1) Statements and opinions expressed are the opinions of Jack Chan and not of Streetwise Reports or its officers. Jack Chan is wholly responsible for the validity of the statements. Streetwise Reports was not involved in any aspect of the article preparation or editing so the author could speak independently about the sector. The author was not paid by Streetwise Reports LLC for this article. Streetwise Reports was not paid by the author to publish or syndicate this article.
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Charts courtesy of Jack Chan
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