Gold And Gold ETFs Are Flashing A Buy Signal Early In 2017

From The Gold Report: Technical analyst Jack Chan charts the latest moves in the gold and silver markets, which indicate a bottom could be forming in both the metals themselves along with the mining stocks.

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Our proprietary cycle indicator is up.

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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.

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The gold sector is 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 quickly.

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Speculation has now dropped below the level of the previous bottom, which is an indicator of a potential new bottom forming.

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Gold stocks, as measured by the HUI Gold Bugs Index, are testing resistance.

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Silver is on a long-term buy signal.

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The largest silver fund, the iShares Silver Trust ETF (NYSE:SLV), is on a short-term buy signal, and short-term signals can last for days to weeks, more suitable for traders.

Summary
The gold sector is on a major buy signal from a long-term perspective. The cycle is up. Short-term gold is also on a buy signal, and it’s just looking for a trend-line support to establish and set up.

The SPDR Gold Trust ETF (NYSE:GLD) rose $0.19 (+0.17%) in premarket trading Tuesday. Year-to-date, the largest ETF tied to gold prices has gained 2.79%, versus a 1.31% rise in the benchmark S&P 500 index during the same period.

GLD currently has an ETF Daily News SMART Grade of B (Buy), and is ranked #2 of 29 ETFs in the Precious Metals ETFs category.


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

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