Signals Indicate Gold’s New Bull Market Is Only Just Beginning

From The Gold Report: Precious metals analyst Jack Chan charts both long- and short-term buy signals for gold and silver, along with a continued holding pattern for a major copper miner.

Gold chart

Our proprietary gold cycle indicator is up, and has been in a major uptrend since early December 2016.

NYSE Arca Gold BUGS Index

The gold sector, as measured by the HUI Gold Bugs Index, which includes a basket of major gold mining stocks, 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.

NYSE Arca Gold BUGS Index

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 move in and out of positions quickly.

FCX Chart

We are long Freeport-McMoRan Inc (NYSE:FCX) from 10.64, and are holding for long-term gains.

Silver Chart

Silver is on a long-term buy signal, with a major generational low having been hit in late 2015.

SLV Chart

Silver miners, as measured by the iShares Silver Trust ETF (NYSE:SLV), are on a short-term buy signal. As mentioned earlier, short-term signals can last for days to weeks, more suitable for traders able to enter and exit positions relatively quickly.

Summary
The gold sector is on major buy signal. Our proprietary cycle is up, and we continue to gold FCX for long-term gains.

The SPDR Gold Trust ETF (NYSE:GLD) fell $0.36 (-0.31%) in premarket trading Monday. Year-to-date, GLD has gained 7.29%, versus a 3.57% 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 #5 of 33 ETFs in the Precious Metals ETFs category.


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

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