This Past Week in Gold

By: Jack Chan | Sat, Mar 8, 2014
Print Email

SPDR Gold Trust Shares Daily Chart
GLD - on buy signal.

iShares Silver Trust Daily Chart
SLV - on buy signal.
Prices rejected at 200ema resistance.

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

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

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

SPDR Gold Trust Shares Daily Chart 2

In 2012 when gold made a double bottom in June and with prices rallying in the summer months, some analysts were sure that the bottom was in and gold was destined to reach new highs. Obviously that did not happen as it was merely a consolidation which broke down in 2013.

Gold again made a double bottom this past December and with prices well off that Dec low, we are now hearing similar calls.

May be, may be not.

Until prices can break above resistance near 138 on GLD, this is just another consolidation within a bear market.

HUI Gold Bugs Index Weekly Chart
The chart above tells the story.

Long term - on major sell signal since Mar 2012.
Short term - on buy signals.
Gold sector cycle - up as of 12/27.



Jack Chan

Author: Jack Chan

Jack Chan

We do not offer predictions or forecasts for the markets. What you see here is our simple trading model which provides us the signals and set ups to be either long, short, or in cash at any given time. Entry points and stops are provided in real time to subscribers, therefore, this update may not reflect our current positions in the markets. Trade at your own discretion.

We also provide coverage to the major indexes and oil sector.

Copyright © 2011-2017 Jack Chan

All Images, XHTML Renderings, and Source Code Copyright ©