From Streetwise Reports: Technical analyst Jack Chan charts the latest movements in gold and silver, noting the markets will be volatile until the election is over.
Our proprietary cycle indicator remains down.
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.
The gold sector is also on a short-term buy signal. Short-term signals can last for days and weeks, and are more suitable for traders.
Speculation is rising from the level of the previous bottom.
The trend has turned up.
Silver is on a long-term buy signal.
SLV is on a short-term buy signal. Short-term signals can last for days to weeks, more suitable for traders.
A bull market in gold and silver, dating back to early 2016, has been confirmed. The cycle is now down, but the trend has turned up. Commitments of Traders (COT) data is supportive of higher prices overall, but expect short-term volatility until the election is out of the way.
The SPDR Gold Trust ETF (NYSE:GLD) closed at $124.39 per share on Friday, up $0.09 (+0.07%). Year-to-date, the largest fund tied to the spot price of gold bullion has gained 22.6%.
This article is brought to you courtesy of Streetwise Reports.