first majestic silver

Our Current Position in the Gold Sector

Technical Analyst & Editor
April 26, 2007

$HUI - sell signal this week ending the buy signal from mid March.

$XAU - sell signal this week ending the buy signal from mid March.

GDX - US traders were stopped out for a small profit, stand aside for now.

XGD.TO - Canadian traders were stopped out for a breakeven trade. The under performance by the Cdn ETF was mainly due to the strength in the loonie. Stand aside for now.

Summary

We were positioned for a third attempt of a major breakout since the correction began in May 2006, and rejected again. We will continue to wait for set ups to buy as long as the gold cycle remains up.

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Disclaimer: Words of caution: public readers of my commentaries should exercise their own judgment as to whether to buy or sell anything. Never trade based on other people's analysis. Knowing which way to place our bets is only half of the formula to success. Wishing you peace and profits......................................

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.


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