Gold Looking Bearish Short Term, But Still Bullish Long Term (GLD)

gold and silver

From Streetwise Reports: Technical analyst Jack Chan charts the latest movements in the gold and silver markets, which appear to be bearish in the short term but still bullish when zooming out to a longer term view.

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Our proprietary cycle indicator for gold is down.

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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.

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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 that are nimble enough to get in and out of positions quickly.

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Speculation is in bull market values.

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This is a massive bottoming pattern four years in the making.

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Silver is on a long-term buy signal.

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SLV is on a short-term sell signal, and short-term signals can last for days to weeks, more suitable for traders.

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Data supports overall higher prices.

Summary
The precious metals sector is on a long-term buy signal. Short term is on sell 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.


The SPDR Gold Trust ETF (GLD) rose $0.01 (+0.01%) in premarket trading Wednesday. Year-to-date, GLD has gained 1.20%, versus a 2.84% rise in the benchmark S&P 500 index during the same period.

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


This article is brought to you courtesy of Streetwise Reports.