This Past Week in Gold

By: Jack Chan | Sat, May 3, 2014
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SPDR Gold Trust Shares Daily Chart
GLD - on sell signal.


iShares Silver Trust Daily Chart
SLV - on sell signal.


Market Vectors Gold Miners Daily Chart
GDX - on buy signal.


XGD.TO Daily Chart
XGD.TO - on buy signal.


Central Fund of Canada Daily Chart
CEF - new buy signal failed, which is not unusual during a down cycle.


SPDR Gold Trust Shares Daily Chart 2
The big picture in gold has not changed as the multi month consolidation continues.


SPDR Gold Trust Shares Daily Chart 3

In 2012 when gold was consolidating, dollar was strong as expected.

But dollar has been weak during gold's current consolidation, and that is a concern from the inter market relationship perspective.


Summary
Long term - on major sell signal since Mar 2012.
Short term - on mixed signals.
Gold sector cycle - down as of 3/21, ending the up cycle since 12/27.
COT data is not supportive for higher prices overall.

 


 

Jack Chan

Author: Jack Chan

Jack Chan
www.simplyprofits.org

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