This past week in gold
Gold sector as represented by $HUI is on a long-term BUY signal.
Short-term is on SELL signal.
Speculation continues to pullback from recent high..
Speculation on silver should show a much lower number next week.
We identified the five wave structure a few weeks ago and were expecting a multi week correction. Prices broke below the top of wave1 this week, invalidating our impulsive/corrective scenario.
Our ratio is on sell signal.
The trend in the ratio is now down.
GDX was rejected by resistance, and now broke support.
Long-term – on buy signal.
Disclosure: We do not offer predictions or forecasts for the markets. What you see here is our simple trading model which provides us the signals and set ups to be either long, short, or in cash at any given time. Entry points and stops are provided in real time to subscribers, therefore, this update may not reflect our current positions in the markets. Trade at your own discretion.
We also provide coverage to the major indexes and oil sector.
Jack Chan: Is the editor of simply profits at www.simplyprofits.org, established in 2006. Jack bought his first mining stock, Hoko exploration in 1979, and has been active in the markets for the past 40 years. Technical analysis has helped him filtering out the noise and focusing on the when, and leave the why to the fundamental analysts. His proprietary trading models have enabled him to identify the Nasdaq top in 2000, the new gold bull market in 2001, the stock market top in 2007, and the US dollar bottom in 2011.
In his spare time, Jack is an avid golfer and tennis player, and volunteers his time coaching and lecturing at local clubs and universities.