This past week in gold
GLD – on sell signal.
SLV – on sell signal.
GDX – on sell signal.
XGD.TO – on sell signal.
CEF – on sell signal.
Long term readers may recall this chart of support and resistance from years past.
Gold stocks are now at major support and a counter trend rally can begin anytime, which is tradable if risks are manageable.
Summary
Long term – on major sell signal.
Short term – on sell signals.
Both long and short term on sell signals and cycle is down but at levels of previous bottoms. A multi week corrective rally can start anytime and tradable if risks are manageable.
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.
End of update
