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This past week in gold

Jack Chan
Posted Jun 8, 2020

Gold sector as represented by $HUI is on a long-term BUY signal.
Long-term signals can last for months and are more suitable for investors.

Short-term is on SELL signal.
Short-term signals can last for days and weeks and are more suitable for traders.

Speculation is at levels of previous tops.

Speculation is dropping.

Our ratio is on SELL signal.

GLD has resistance at 170.

$HUI broke resistance.
Next major resistance at 525.

GDX has major resistance at 50.

GDXJ is now at resistance.

Summary

Long-term – on buy signal.
Short-term – on sell signals.
Gold sector cycle is down, a multi week correction is in progress.
We cashed out on half of our core positions with a 77% gain.
We will allocate more capital at the next cycle bottom.

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Jun 6, 2020
Jack Chan
Archives
email: jack@simplyprofits.org
website: www.simplyprofits.org

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.

321gold Ltd