Gold sector as represented by $HUI is on a long term BUY signal.
Long term signals can last for months and are more suitable for investors.
Gold sector as represented by $HUI is on a short term sell signal.
Speculative liquidation gold continues.
Speculative liquidation in silver continues.
On both charts, stay focused on the long term.
$HUI has now traced out an overlapping five wave pattern which is corrective within a bull market.
GLD (NYSE:GLD) has traced out an ABC corrective pattern.
Summary
Long term – on buy signal.
Short term – on sell signals but can change soon.
Gold sector cycle is down and a consolidation/correction is in progress.
We have taken partial profits and are holding a core position for the long term.