GLD - on sell signal.
SLV - on sell signal.
GDX - on sell signal.
XGD.TO - on sell signal.
CEF - on sell signal.
Since identifying the top a few weeks ago, we expected a new low in gold but did not expect a spike down. Spikes are seldom sustainable, therefore, a recovery rally should begin anytime.
Current COT data is now near levels of previous bottoms, expect a recovery rally to begin anytime.
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 who are currently short should consider taking partial profits and short again at the completion of a recovery rally.
