GOLDBUGS AMEX Goldbugs Index (GOLD)

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Jack Chan: Gold Price Exclusive Update
By: Jack Chan | May 18, 2024



Our proprietary cycle indicator is now DOWN.

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

Accumulate positions during an up cycle and hold for the long term.

Traders

Enter the market at cycle bottoms and exit at cycle tops for short term profits.



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



Current data favors overall lower gold prices.



Our ratio is on buy signal.



Trend is UP for USD.



Trend is UP for gold stocks.



Trend is UP for gold.



A clear five waves pattern is in progress, and perhaps ending soon.



A diamond bottom is a bullish chart pattern.

Summary

Gold sector cycle is now down.

Trend is up for gold and gold stocks..

$$$ We were stopped out with a small profit.

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