Analyst: Gold’s Long Correction Is Officially Over

From The Gold Report: Technical analyst Jack Chan charts the completion of the gold market’s long correction.


Our proprietary cycle indicator is now up.


The gold sector is on a long-term buy signal. Long-term signals can last for months and years and are more suitable for investors holding for long term.


The gold sector is also on a short-term buy signal. Short-term signals can last for days and weeks, and are more suitable for traders that are nimble enough to get in and out of positions relatively quickly.


A breakout was confirmed last week, suggesting that the multi-month correction since last summer is now over. This is hugely bullish for gold.


Speculative sentiment, according to current open interests, is also supportive for overall higher prices.


Similarly, silver is on a long-term buy signal.


SLV (silver miners ETF) is on a short-term buy signal, and short-term signals can last for days to weeks, more suitable for traders.


Silver’s speculative sentiment, according to open interests, just like gold, is supportive for overall higher prices.

The precious metals sector — including both gold and silver — is on major buy signal from a technical standpoint. The cycle is up. The multi-month correction is complete, and thus we are now looking for overall higher prices both in the short term and long term.

The SPDR Gold Trust ETF (NYSE:GLD) rose $0.13 (+0.11%) in premarket trading Monday. Year-to-date, GLD has gained 11.85%, versus a 4.02% rise in the benchmark S&P 500 index during the same period.

GLD currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #1 of 33 ETFs in the Precious Metals ETFs category.

This article is brought to you courtesy of The Gold Report.

You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (

Powered by WPeMatico