Home   Links   Editorials

This week in gold

Jack Chan
written May 23, 2007
posted May 24, 2007

The gold sector remains on a sell signal since April.

$HUI - is now below the 200ema support and oversold.

$XAU - consolidating at the 200ema.

GDX - has found support at the 200ema.

XGD.TO - the Cdn ETF is deep below the 200ema support and deeply oversold. The daily configuration is now bearish and any rally is considered corrective as long as 200ema provides resistance.

The gold sector indices and ETFs continue to be oversold and can bounce sharply from current levels. However, we will remain in cash until we have a signal, set up, and reasonable stop.

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.

End of update

May 23, 2007
Jack Chan
email: jack@simplyprofits.org
website: www.simplyprofits.org

321gold Ltd