Past Week In Precious Metals: Gold Down As Consolidation Continues
Jack Chan | Dec 11, 2017 05:46AM ET
SPDR Gold Shares (NYSE:GLD)– on sell signal.
In a bull market, the 200ema often acts as support for pullbacks and corrections, where investors accumulate positions for the long term.
iShares Silver (NYSE:SLV) – on sell signal.
VanEck Vectors Gold Miners (NYSE:GDX) – on sell signal.
iShares S&P/TSX Global Gold (TO:XGD) – on sell signal.
Central Fund of Canada Ltd (NYSE:CEF) – on sell signal.
VanEck Vectors Junior Gold Miners (NYSE:GDXJ) – on sell signal.
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Open interests in gold has dropped drastically from the recent pullback, now reaching levels of previous bottoms.
Speculative activity in silver is now at levels of previous bottoms.
A potential head and shoulder topping pattern in the dollar, and upon a breakdown, will be very supportive to the metals.
Summary
Long term – on major buy signal.
Short term – on sell signals.
Gold sector cycle is down as the multi month consolidation continues.
COT data is now supportive for a bottom in the metals.
We are holding long term positions.
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