TICKERS: ABX

Jack Chan's Weekly Precious Metals Report Also Charts Big Moves for Gold Major
Contributed Opinion

Source:

Jack Chan Technical analyst Jack Chan charts the latest moves in the gold and silver markets, as well as the one-day fluctuations of a gold major.

Our proprietary cycle indicator is down.

chanhui112-4
The gold sector 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.

chanhui212-4
Gold sector is on a short term buy signal. Short term signals can last for days and weeks, and are more suitable for traders.

chanspec12-4
Speculation favors overall higher gold prices.

changoldbug12-4
Gold stocks relative to gold is at the same oversold level as Dec 2016.

chanbarrick12-4
Barrick Gold Corp. (ABX:TSX; ABX:NYSE), a major component in the gold stock indices and ETFs, gapped down on heavy volume on Nov. 30 but closed the day with a doji, suggesting price exhaustion.

chanusd12-4
A pullback on the dollar is supportive for the metals.

chansilver12-4
Silver is on a long-term buy signal.

chanslv12-4
SLV is on a short-term sell signal, and short-term signals can last for days to weeks, more suitable for traders.

chansilverspec12-4
Speculation favors overall higher silver prices.

Summary
The precious metals sector is on major buy signal. The cycle is down, as the multimonth consolidation continues. COT data is supportive for overall higher metal prices. We are holding gold-related ETFs for long-term gain.

Jack Chan is the editor of simply profits at www.simplyprofits.org, established in 2006. Chan bought his first mining stock, Hoko Exploration, in 1979, and has been active in the markets for the past 37 years. Technical analysis has helped him filter out the noise and focus on the when, and leave the why to the fundamental analysts. His proprietary trading models have enabled him to identify the NASDAQ top in 2000, the new gold bull market in 2001, the stock market top in 2007, and the U.S. dollar bottom in 2011.

Want to read more Gold Report articles like this? Sign up for our free e-newsletter, and you'll learn when new articles have been published. To see a list of recent articles and interviews with industry analysts and commentators, visit our Streetwise Interviews page.

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.
2) Jack Chan: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: None. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: None. I determined which companies would be included in this article based on my research and understanding of the sector.
3) Jack Chan: We do not offer predictions or forecasts for the markets. What you see here is our simple trading model, which provides us the signals and set-ups to be either long, short, or in cash at any given time. Entry points and stops are provided in real time to subscribers, therefore, this update may not reflect our current positions in the markets. Trade at your own discretion. We also provide coverage to the major indexes and oil sector.
4) The following companies mentioned in this article are sponsors of Streetwise Reports: None. Streetwise Reports does not accept stock in exchange for its services. Click here for important disclosures about sponsor fees. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
5) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
6) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article, until one week after the publication of the interview or article.

Charts courtesy of Jack Chan




Get Our Streetwise Reports Newsletter Free

A valid email address is required to subscribe