Gold And Silver Both Look Extremely Bullish Right Now

From The Gold Report: Technical analyst Jack Chan charts the latest moves in the gold and silver markets, which includes short- and long-term buy signals for both precious metals.

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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 as well. Short-term signals can last for days and weeks, and are more suitable for traders nimble enough to enter and exit trades relatively quickly.

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Gold stocks as represented by $HUI (Gold Bugs Index) have now established support and resistance, represented by the straight blue lines on the chart above.

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Silver is on a long-term buy signal after breaking out of a multi-year downtrend.

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SLV (Silver ETF) is also on a short-term buy signal, and short-term signals can last for days to weeks, more suitable for traders that can get in and out quickly.

Summary
The gold sector is on major buy signal. The cycle is up. Short-term gold and silver are also on a buy signal, looking for trend-line support to establish and set up. Stay tuned.

The SPDR Gold Trust ETF (NYSE:GLD) fell $0.3 (-0.26%) in premarket trading Tuesday. Year-to-date, GLD has gained 5.64%, versus a 1.17% 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 #3 of 32 ETFs in the Precious Metals ETFs category.


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

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