Technical analyst Jack Chan updates the gold and silver charts and finds buy signals for both gold and silver remain in place.
Our proprietary cycle indicator is up.
The gold sector (via 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 long-term.
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.
Speculation is in bull market values.
SPDR Gold Shares (NYSE:GLD) is at resistance again.
Silver is on a long-term buy signal.
iShares Silver (NYSE:SLV) is on a short-term buy signal, and short-term signals can last for days to weeks, more suitable for traders.
Speculation has a long way to go before becoming frothy.
SLV is at resistance.
Summary
The precious metals sector is on a long-term buy signal. Short term is on buy signals. The cycle is up. COT data is supportive for overall higher metal prices. We are holding gold-related ETFs for long-term gain.Disclosure: 1) Statements and opinions expressed are the opinions of Jack Chan and not of Streetwise Reports or its officers. Jack Chan is wholly responsible for the validity of the statements. Streetwise Reports was not involved in any aspect of the article preparation or editing so the author could speak independently about the sector. The author was not paid by Streetwise Reports LLC for this article. Streetwise Reports was not paid by the author to publish or syndicate this article.