Gold Could See Tradable Bottom In Coming Weeks
Jack Chan | Jul 19, 2015 03:58AM ET
ARCA:GLD – on sell signal.
ARCA:SLV – on sell signal.
ARCA:GDX – on sell signal.
TO:XGD – on sell signal.
AMEX:CEF – on sell signal.
HUI has broken major support at 150 this week and that is now resistance.
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From a long term perspective, gold has a long way to go before major support, and USD has substantial upside before major resistance.
Summary
Long term – on major sell signal since Mar 2012 when HUI was at 550.
Short term – on sell signals.
Gold sector cycle – down as of 5/16.
Caution is advised, but gold sector could see a tradable bottom in coming weeks
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