Gold Sector On A Short-Term Buy Signal
The Gold Report | Jun 12, 2017 03:05AM ET
Technical analyst Jack Chan charts the week's movement in the gold and silver markets, continuing to track a multimonth correction.
Our proprietary cycle indicator is down.
The gold sector is on a long-term buy signal. Long-term signals can last for months and years and are more suitable for investors holding for long term.
The gold sector is on a short-term buy signal. Short-term signals can last for days and weeks, and are more suitable for traders.
Both speculation and OI are not anywhere near a major top.
The trend is up.
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Silver is on a long-term buy signal.
SLV (NYSE:SLV) is on a short-term buy signal, and short-term signals can last for days to weeks, more suitable for traders.
COT data is supportive for overall higher prices.
Summary
The precious metals sector is on a major buy signal. The cycle is down, barely. The multimonth consolidation continues.
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1) Statements and opinions expressed are the opinions of Jack Chan and not of Streetwise Reports or its officers. Jack Chan is wholly responsible for the validity of the statements. Streetwise Reports was not involved in any aspect of the article preparation or editing so the author could speak independently about the sector. The author was not paid by Streetwise Reports LLC for this article. Streetwise Reports was not paid by the author to publish or syndicate this article.
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