This Past Week In Gold

The decline in gold prices this year has been classically bearish. Each sharp drop is followed by a consolidation before another sharp drop, thus trapping buyers who have been trying to pick a bottom. This pattern has to change before one can become a confident buyer.

GLD – on sell signal.

SLV – new buy signal.

GDX – on sell signal.

XGD.TO – on sell signal.                              

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The decline in gold prices this year has been classically bearish. Each sharp drop is followed by a consolidation before another sharp drop, thus trapping buyers who have been trying to pick a bottom. This pattern has to change before I can become a confident buyer.

Summary

Long term – on major sell signal since Mar 2012.
Short term – on mixed signals.
Gold sector cycle – continues to whipsaw.

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