This past week in gold
GLD – on sell signal.
SLV – on sell signal.
GDX – on sell signal.
XGD.TO – on sell signal.
CEF – on sell signal.
Just three weeks ago, some folks criticized me for being too bearish, as a few noted gold analysts have suggested that gold has broken out and a new bull market is on its way. I showed this chart with the patterns of lower highs and lower lows, combined with COT data to warn against another top and a drop to new lows. Hope it helped to keep some of you out of harm’s way.
COT data has helped us to identify the near term tops and bottoms effectively. Currently we are no where near a tradable bottom, let alone a new bull market.
Long term – on major sell signal since Mar 2012 when $HUI was at 550.
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