Gold Price Exclusive Update

Technical Analyst & Editor
February 4, 2023

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 sell signal.

GDX is on short term sell signal.

XGD.to is on short term sell signal.

GDXJ is on short term sell signal.

Analysis

Current COT data supports overall higher gold prices.

Our ratio is on sell signal.

Trend is DOWN for USD.

Trend is UP for gold stocks.

Trend is UP for gold.

This decade long cup with handle is back in focus as prices are now testing the upper handle and resistance established since mid 2020.

The current pullback has exceeded the 5 to 7% and therefore, is a correction.

Summary

Gold sector cycle is down.

Trend is up.

A correction is in progress.

$$$ We are taking short term profits.

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.

********

Jack Chan is the editor of Simply Profits, 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 US dollar bottom in 2011.


India and the U.S. trump Italy as top gold jewelry exporters.
Top 5 Best Gold IRA Companies

Gold Eagle twitter                Like Gold Eagle on Facebook