Gold Price Exclusive Update - May 04, 2024

Technical Analyst & Editor
May 4, 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 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 data favors overall lower gold prices.

Our ratio is on buy signal.

Trend is UP for USD.

Trend is UP for gold stocks.

Trend is UP for gold.

Gold has broken out firmly and has no overhead resistance.

A correction is in progress.

A diamond bottom is a bullish chart pattern.

Summary

Gold sector cycle is up.

Trend is up for gold and gold stocks..

A correction is in progress.

$$$ We were stopped out with a small profit.

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.


It is estimated that the total amount of gold mined up to the end of 2011 is approximately 166,000 tonnes.
Top 5 Best Gold IRA Companies

Gold Eagle twitter                Like Gold Eagle on Facebook