Past Week In Gold: Bear Market In Progress But Upside Should Be Limited
Jack Chan | Feb 01, 2015 03:37AM ET
SPDR Gold Trust (ARCA:GLD) – on buy signal.
iShares Silver Trust (ARCA:SLV) – on buy signal.
Market Vectors Gold Miners (ARCA:GDX) – on buy signal.
iShares TSX Global Gold (TO:XGD) – on buy signal.
Central Fund of Canada Ltd (AMEX:CEF) – on buy signal.
The mighty dollar had a major breakout after seven years of base building and a twenty year bear market, but many analysts continue to shun the greenback, which reminds me much of the early gold bull market in 2001 and 2002.
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Summary
Long term – on major sell signal since Mar 2012 when $HUI was at 550.
Short term – on buy signals.
Gold sector cycle – up as of 11/14.
A bear market rally is in progress but upside should be limited.
COT data suggests lower metal prices overall going forward.
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