GOLDBUGS AMEX Goldbugs Index (GOLD)

[DiscoverGold]

Jack Chan: Gold Price Exclusive Update
By: Jack Chan | July 31, 2021



Our proprietary cycle indicator is DOWN but bottoming.

To public readers of our updates, our cycle indicator is one of the most effective timing tool for traders and investors. It is not perfect, because periodically the market can be more volatile and can result in short term whipsaws. But overall, the cycle indicator provides us with a clear direction how we should be speculating.

Investors

During a major buy signal, investors can accumulate positions by cost averaging at cycle bottoms, ideally when prices are at or near the daily 200ema.

During a major sell signal, investors should be hedged or in cash.

Traders

Simply cost average in at cycle bottoms when prices are at or near the daily 200ema; and cost average out at cycle tops when prices are above the daily 50ema.



Gold sector is on long term SELL signal.



GLD is on short term buy signal.



GDX is on short term buy signal.



XGD.to is on short term buy signal.



GDXJ is on short term buy signal.

Analysis



Our ratio is on buy signal.



Major support for gold is now at the weekly 200ema, just below $1600.



Major support for $HUI is at the 200ema, around 245.



Much of gold’s intermediate direction will depend on how the dollar resolves the current double bottom and double top.



The dollar has a potential cup with handle in progress.

Summary

Long term – on major SELL signal.

Short term – on buy signals.

Gold sector cycle is down but bottoming.

$$$ We closed out all of our positions with good profits, and now waiting for new set ups.

Read Full Story »»»

DiscoverGold