Gold Short-term Pull Back in Progress
Commodities / Gold and Silver 2018 Mar 20, 2018 - 04:44 PM GMTBy: The_Gold_Report
Technical analyst Jack Chan charts recent movements in the gold and silver markets.
Our proprietary cycle indicator is down.
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 is in bull market values.
This is a massive bottoming pattern four years in the making.
ABX, a major component in GDX, has marked a bottom on a very high volume day early this month.
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.
Data supports overall higher prices.
Summary
The precious metals sector is on a long-term buy signal. Short term is on mixed signals. A pullback is in progress. The cycle is down. COT data is supportive for overall higher metal prices. We are holding gold-related ETFs for long-term gain.
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.
Disclosure:
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Charts courtesy of Jack Chan
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