Gold Flips To A Long-Term Sell Signal (GLD)

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September 6, 2018 6:11am NYSE:GLD

From Streetwise Reports: 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.


The SPDR Gold Trust ETF (GLD) rose $0.60 (+0.53%) in premarket trading Thursday. Year-to-date, GLD has declined -8.35%, versus a 8.74% rise in the benchmark S&P 500 index during the same period.

GLD currently has an ETF Daily News SMART Grade of B (Buy), and is ranked #1 of 35 ETFs in the Precious Metals ETFs category.


This article is brought to you courtesy of Streetwise Reports.


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