• 19 hours 3 Semiconductor Stocks Looking Great On EV Demand
  • 3 days Robinhood’s $40B March IPO Is In Grave Danger
  • 4 days Are Bots Responsible For GameStop’s Massive Runup? 
  • 5 days Learning From Buffett’s $11 Billion Mistake
  • 8 days The Token Boom Spawns Digital Gold Mine in Art, Collectibles
  • 9 days The “Oil Of The Future” Is Set To Soar In 2021
  • 9 days Wealthy Could End Up Footing The Bill For States’ Budget Shortfalls
  • 9 days Could This Be The Hottest Commodity Play Of 2021?
  • 10 days JP Morgan Says Fintech Will Steal The Disruptor Show
  • 12 days Facebook Plays Dirty Down Under
  • 12 days Could This Be The Most Exciting Lithium Play Of 2021?
  • 15 days China Sidelines US As EU’s New Top Trading Partner
  • 17 days 3 Smart Ways To Play the Global Chip Shortage
  • 18 days Flying Taxis Are The Number One Speculative Bull Arena
  • 19 days Ocean Power: The Missing Link
  • 24 days Luxembourg’s Ultra-Secrecy Still Attracts Hundreds Of Billionaires
  • 25 days Robinhood Is Under Fire And Trading ‘Democracy’ Is In Question
  • 26 days Bitcoin Could Be Worth $12 Trillion In The Long-Term
  • 27 days The Biggest Tech IPO Since Uber … For Farmers
  • 29 days The Biggest Boost Yet for the Cannabis Industry
Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

Market Sentiment At Its Lowest In 10 Months

Market Sentiment At Its Lowest In 10 Months

Stocks sold off last week…

The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

  1. Home
  2. Markets
  3. Other

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.


Spot Gold Daily Chart

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.

Spot Gold Daily Chart 2

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.

 

Back to homepage

Leave a comment

Leave a comment