This Past Week In Gold

Experience, Creativity And Dedication To Finding And Presenting The Best Investment Ideas • Sep 27, 2016 at 12:21 AM EDT

Technical analyst Jack Chan charts the last week’s movements in gold.

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GLD: on sell signal.

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SLV: on buy signal.

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GDX: on buy signal.

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XGD.TO – on buy signal.

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CEF: on sell signal.

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USD: on buy signal, which is not friendly to the metals.

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The Canadian dollar is greatly influenced by commodity prices, especially sensitive to crude oil and metals. Since making a V bottom early this year, the loonie has been sideways consolidating for the past five months. Logically, we should see a bullish resolution.

Summary
Long term, markets are on major buy signal.
Short term, markets have mixed signals.
Gold sector cycle is down.
Investors should consider accumulating gold stocks/ETFs at the next cycle bottom as a correction is in progress.

Disclosure:

1) Statements and opinions expressed are the opinions of Jack Chan and not of Streetwise Reports or its officers. Jack Chan is wholly responsible for the validity of the statements. Streetwise Reports was not involved in any aspect of the article preparation or editing so the author could speak independently about the sector. The author was not paid by Streetwise Reports LLC for this article. Streetwise Reports was not paid by the author to publish or syndicate this article.
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Charts courtesy of Jack Chan