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This past week in goldJack Chan *There are only three charts we are focusing on this week.
Chart #1 Gold broke out to a new high this week, but silver did not, thus resulting in a divergence. Divergences unless negated, often result in major trend changes. ***
Chart #2 A similar divergence occurred in 2022, and the result was not pretty. ***
Chart #3 In 2022, speculative longs were 274 for gold, and 52k for silver. ### Jul 20, 2024 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 45 years. Technical analysis has helped him filter out the noise and focus on the when, and leaving 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, the US dollar bottom in 2011, and most recently, the new bull market in the oil/energy sector. 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 |
