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Believe It Or Not, Gold Is Still In A Bull Market

Sunday, November 27, 2016 8:49
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(Before It's News)

From The Gold Report: Technical analyst Jack Chan charts the latest moves in the gold and silver markets, which have been hammered badly since Trump’s surprise election.

chancover_11-16
Our proprietary cycle indicator remains down.

chanhui10-29
The gold sector is on a long-term buy signal. Long-term signals can last for months and years and are more suitable for investors holding for long term.

chanhui2_11-26
The gold sector is on a short-term sell signal, however. Short-term signals can last for days and weeks, and are more suitable for traders.

chanspec11-26
Speculation has now dropped below the level of the previous bottom, which is a sign that another long-term bottom could be forming soon.

changdx_11-26
The trend gold gold miners is also clearly down.

chansilver_11-26
Silver remains on a long-term buy signal, despite a big recent pullback.

chanslv_11-26
SLV is on a short-term sell signal, however. As noted previously, short-term signals can last for days to weeks, and are more suitable for traders with higher risk tolerance and a shorter holding window.

Summary
A bull market in gold and silver has been confirmed. The cycle is down and the trend is down. The correction continues. Caution is advised.

The SPDR Gold Trust ETF (NYSE:GLD) closed at $112.61 per share on Friday, down $0.64 (-0.57%). Year-to-date, the largest fund tied to gold futures has still gained 10.99%, but is now more than 14% off its yearly highs as it enters significant correction territory.

This article is brought to you courtesy of The Gold Report.

You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)

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