Gold price set for biggest weekly jump in 20 months on haven demand
The precious metal has surged around 30% so far this year, supported by healthy central bank buying.
Technical analyst Jack Chan charts a correction in the gold and silver markets and plots his investment strategy.
Our proprietary cycle indicator is down.
We are short GLD with a tight stop.
Our ratio remains on sell signal.
Summary
A bull market in gold and silver has been confirmed, but the cycle is down and a correction is in progress. We are short GLD with tight stops.
Jack Chan is the editor of simply profits at www.simplyprofits.org, established in 2006. Chan bought his first mining stock, Hoko Exploration, in 1979, and has been active in the markets for the past 37 years. Technical analysis has helped him filter out the noise and focus 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 U.S. dollar bottom in 2011.
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Source: Jack Chan for The Gold Report
https://www.streetwisereports.com/pub/na/17079
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