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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.


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.

 

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