Gold Equity Correction Overdue
The Gold Report | Aug 02, 2016 02:51AM ET
Our proprietary cycle indicator is down.
SPDR Gold Shares (NYSE:GLD) remains on short-term sell signal.
Gold stocks as represented by HUI have not had a consolidation this year and it is long overdue.
The big picture remains the same in the dollar as the multi-month consolidation continues.
Summary
A bull market in gold and silver has been confirmed, but no bull market is sustainable on a nonstop price spike, therefore, it is not if but when a correction will begin. Bull market corrections can be very sharp but short lived, therefore, the next cycle bottom could be an excellent entry point.
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