This past week in gold

Jack Chan
Posted Dec 7, 2020

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The 12 year bear market in energy/oil sector has ended this year.

ETFs in this sector should produce above average return over the next few years.

For this week only, public readers of our weekly gold updates can receive a free copy of our special energy report by sending a request to: bullsalive@gmail.com

Your email address will not be kept on file and you will not receive any solicitation from us.

Thank you for your many years of support, and happy holidays!

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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.

Our ratio is on SELL signal.

Gold prices found support at the 200ema, and with MACD turning up from the same level as March, the multi-month correction should be complete.

The correction in GLD has established support and resistance in a down channel.
A break of resistance will confirm the completion of this correction.

$HUI tested the breakout point with a bounce this week.

GDX has support at 30 and resistance at 50.

GDXJ has support near 50 and resistance at 90.

XGD.to has support at 17 and resistance at 26.

Summary

Long-term – on buy signal.
Short-term – on mixed signals.
Gold sector cycle is down.
The multi month correction is at or near completion.
$$$ We are holding long and short-term positions.

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Dec 5, 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, 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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