This Past Week in Gold

By: Jack Chan | Sat, Nov 7, 2015
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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 Daily Chart

Just three weeks ago, some folks criticized me for being too bearish, as a few noted gold analysts have suggested that gold has broken out and a new bull market is on its way. I showed this chart with the patterns of lower highs and lower lows, combined with COT data to warn against another top and a drop to new lows. Hope it helped to keep some of you out of harm's way.

Spot Gold Daily Chart 2

COT data has helped us to identify the near term tops and bottoms effectively. Currently we are no where near a tradable bottom, let alone a new bull market.

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 10/30.
Traders can sell short the bounces during the current down cycle.

 


 

Jack Chan

Author: Jack Chan

Jack Chan
www.simplyprofits.org

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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.

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