This Past Week In Gold: Speculation Typical Of Bear Market; Bounce Soon?
Jack Chan | Mar 22, 2015 02:13AM ET
SPDR Gold Trust (ARCA:GLD) – new buy signal this week.
iShares Silver Trust (ARCA:SLV) – new buy signal this week.
Market Vectors Gold Miners (ARCA:GDX) – on sell signal.
iShares TSX Global Gold (TO:XGD) – on sell signal.
Central Fund of Canada Ltd (ARCA:CEF) – new buy signal this week.
Speculation in gold has reached levels of previous bottoms typical of a bear market, should see a bounce in the near term.
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Summary
Long term – on major sell signal since Mar 2012 when HUI was at 550.
Short term – on mixed signals.
Gold sector cycle – down as of 2/07, ending the up cycle since November.
COT data favors a bounce.
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