Gold Price Exclusive Update - March 23, 2024

Technical Analyst & Editor
March 23, 2024

Our proprietary cycle indicator is UP.

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 suggests a pullback/consolidation is imminent.

Current data supports an overall higher dollar.

Our ratio is on a new buy signal.

Trend is UP for USD.

Trend is DOWN for gold stocks.

Trend is UP for gold.

A similar candlestick suggests a pullback/consolidation is imminent.

A new high in gold and a lower high in gold stocks results in a divergence.

What is more alarming is that gold prices have been rallying higher since 2022 while gold stocks are struggling with lower highs.

Summary

Gold sector cycle is up.

Trend is up for USD and down gold stocks.

$$$ We are partially invested for the current up cycle.

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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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.


The melting point of gold is 1337.33 K (1064.18 °C, 1947.52 °F).
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