This past week in gold

Jack Chan
Posted Aug 30, 2021

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

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

Speculation is in bear market values.

Speculation in bear market values.

Our ratio is on SELL signal.

The cup with handle bullish breakout will fail if prices close below the handle.

Gold broke support and the recent 1900 level became a “failed recovery top”.
When prices have established resistance, they look for support.
Major support for gold now is the 200ema at just below $1600.

$HUI is testing support.

SLV is testing support.

Summary

Long-term – on SELL signal.
Short-term – on buy signals.
Gold sector cycle is down.
$$$ We exited all of our positions with good profits, and continue to stand aside for now.

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Aug 28, 2021
Jack Chan
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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, and most recently, overweighing in bonds over stocks in 2019 before COVID19 became a household name.

In his spare time, Jack is an avid golfer and tennis player, and volunteers his time coaching and lecturing at local clubs and universities.

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