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.
Our proprietary cycle indicator for gold 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 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.
Speculation is in bull market values.
This is a massive bottoming pattern four years in the making.
Silver is on a long-term buy signal.
SLV is on a short-term sell signal, and short-term signals can last for days to weeks, more suitable for traders.
Data supports overall higher prices.
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.
This article is brought to you courtesy of Streetwise Reports.