This past week in gold

Jack Chan
Posted Nov 23, 2015

GLD – on sell signal.

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SLV – on sell signal.

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GDX – on sell signal.

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XGD.TO – on sell signal.

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CEF – on sell signal.

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Since identifying the top a few weeks ago, we expected a new low in gold but did not expect a spike down. Spikes are seldom sustainable, therefore, a recovery rally should begin anytime.

Current COT data is now near levels of previous bottoms, expect a recovery rally to begin anytime.

Summary

Long term – on major sell signal since Mar 2012 when $HUI was at 550.
Short term – on sell signals.
Gold sector cycle – down as of 10/30.
Traders who are currently short should consider taking partial profits and short again at the completion of a recovery rally.

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Nov 21, 2015
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.

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