This Past Week in Gold

By: Jack Chan | Sat, Nov 30, 2013
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SPDR Gold Trust Shares Daily Chart
GLD - on sell signal.


iShares Silver Trust Daily Chart
SLV - on sell signal.


Market Vectors Gold Miners Daily Chart
GDX - on sell signal.


XGD.TO Daily Chart
XGD.TO - on sell signal.


Central Fund of Canada Daily Chart
CEF - on sell signal.


Spot Gold Weekly Chart
The weekly gold chart has now turned bearish for the first time since 2002, therefore, until reversed again, the major trend is down and the bears are in charge.


Spot Gold Weekly Chart 2
Same chart with prices on.

During a bullish config, the 200ema provides support which it did during the 2008 correction. But prices are now well below the 200ema which provides resistance during a bearish config.

Summary
Long term - on major sell signal since Mar 2012.
Short term - on sell signals.
Gold sector cycle - down as of 11/08.

 


 

Jack Chan

Author: Jack Chan

Jack Chan
www.simplyprofits.org

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