"No warning can save people determined to grow suddently rich" - Lord Overstone

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This Past Week in Gold

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.


Gold Bugs Index Daily Chart
$HUI has broken major support at 150 this week and that is now resistance.


US Dollar Index 1980-2015 Chart

From a long term perspective, gold has a long way to go before major support, and USD has substantial upside before major resistance.

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 5/16.
Caution is advised, but gold sector could see a tradable bottom in coming weeks.

 

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