From The Gold Report: Precious metals analyst Jack Chan charts both long- and short-term buy signals for gold and silver, along with a continued holding pattern for a major copper miner.
Our proprietary gold cycle indicator is up, and has been in a major uptrend since early December 2016.
The gold sector, as measured by the HUI Gold Bugs Index, which includes a basket of major gold mining stocks, 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 that are nimble enough to move in and out of positions quickly.
We are long Freeport-McMoRan Inc (NYSE:FCX) from 10.64, and are holding for long-term gains.
Silver is on a long-term buy signal, with a major generational low having been hit in late 2015.
Silver miners, as measured by the iShares Silver Trust ETF (NYSE:SLV), are on a short-term buy signal. As mentioned earlier, short-term signals can last for days to weeks, more suitable for traders able to enter and exit positions relatively quickly.
The gold sector is on major buy signal. Our proprietary cycle is up, and we continue to gold FCX for long-term gains.
The SPDR Gold Trust ETF (NYSE:GLD) fell $0.36 (-0.31%) in premarket trading Monday. Year-to-date, GLD has gained 7.29%, versus a 3.57% rise in the benchmark S&P 500 index during the same period.
This article is brought to you courtesy of The Gold Report.