This Past Week In Gold
Jack Chan
March 22, 2008
GLD – sell signal this week.
IP is over and a correction is now in progress.
SLV – sell signal this week ending the buy signal of 12/24.
A correction is now in progress.
GDX – sell signal this week.
Prices are at 200ema support, where a relief rally may take place.
XGD.TO – sell signal this week.
Prices are also at 200ema support for a potential bounce.
Summary
All ETFs have sell signals this week.
Traders were stopped out with a small loss, while investors were stopped out of GDX and XGD.TO with nice profits. Stops on GLD and SLV for investors were not hit.
The gold sector suffered one of its worst declines in recent memory, and many folks are still in shock, especially those who were late to the party. Last week we had a breakout, and this week we have a breakdown. What is next? As always, we cannot predict but we can prepare.
I am extending my last week’s offer of a complimentary copy of our current report on the gold sector, for this weekend only. Simply send me a note at: jack@simplyprofits.org
Your email addresses will not be kept on file, and no solicitation will ever be sent to you.
Disclosure
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.
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