Gold Still Weak In The Short Term, But Longer Bull Market Persists

From The Gold Report: Technical analyst Jack Chan charts the latest moves in the gold and silver markets, which includes more short-term weakness but an intact long-term bull market.

 

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Our proprietary cycle indicator is down.

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The gold sector, as measured by the Gold Bugs Index (HUI) is on a long-term buy signal. Long-term signals can last for months and years and are more suitable for investors holding for the long term.

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

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Speculation has now dropped below level of previous bottom, which could be a sign for prices to turn back up.

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The trend for gold miners, measured by the GDX, remains down.

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Silver is on a long-term buy signal, despite its steep sell-off in the second half of the year.

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Silver’s top ETF, SLV, is on a short-term sell signal, and short-term signals can last for days to weeks, more suitable for traders.

Summary
The gold sector is on a major long-term buy signal. The cycle is down, and the trend is down, however. The second-half correction continues, so caution is advised until we see a firm bottom forming.

The SPDR Gold Trust (ETF) (NYSE:GLD) was trading at $108.33 per share on Tuesday afternoon, up $0.4 (+0.37%). Year-to-date, GLD has gained 6.77%, versus a 12.18% rise in the benchmark S&P 500 index during the same period.

GLD currently has an ETF Daily News SMART Grade of C (Neutral), and is ranked #1 of 29 ETFs in the Precious Metals ETFs category.

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

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