Ups And Downs In Oil And Gold

By Jack Chan of The Energy Report

Experience, Creativity And Dedication To Finding And Presenting The Best Investment Ideas • Jul 17, 2016 at 6:16 PM EDT

Technical analyst Jack Chan charts a major buy signal in oil and a possible correction in gold.

ChanNewEnergy7-16

Our proprietary cycle indicator has turned up this week.

chanOSXchart.

$OSX has confirmed a new major buy signal, which can last for months and years.

chanoilbottom

Oil stocks as represented by $OSX has a bottoming pattern in progress.

chancrudebottom

Crude oil also has a bottoming pattern in progress.

Summary
With a new major buy signal in place and the cycle having bottomed, investors can cost average in on oil stocks and/or ETFs, and hold for the long term.

Gold

changoldupdate

Our proprietary cycle indicator reached 100% and turned down this week.

ChanUSDchart

USD has a flag pattern in progress, which suggests a trend continuation.

Summary
A bull market in gold and silver is now confirmed, but the cycle has turned down, suggesting that a long overdue correction may have started. USD also appears to be set for a breakout, which will not be supportive to metal prices. Caution is advised.

Disclosure:

1) Statement 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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