Source: Jack Chan for The Gold Report 09/24/2016
View Original Article: https://www.streetwisereports.com/pub/na/this-past-week-in-gold
Technical analyst Jack Chan charts the last week’s movements in gold.
GLD: on sell signal.
SLV: on buy signal.
GDX: on buy signal.
XGD.TO – on buy signal.
CEF: on sell signal.
USD: on buy signal, which is not friendly to the metals.
The Canadian dollar is greatly influenced by commodity prices, especially sensitive to crude oil and metals. Since making a V bottom early this year, the loonie has been sideways consolidating for the past five months. Logically, we should see a bullish resolution.
Long term, markets are on major buy signal.
Short term, markets have mixed signals.
Gold sector cycle is down.
Investors should consider accumulating gold stocks/ETFs at the next cycle bottom as a correction is in progress.
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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Charts courtesy of Jack Chan