This Week in Gold
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GLD - on buy signal as of 12/24.
Unless prices reverse up, we should see a sell signal next week.
SLV - on buy signal as of 12/24.
A key reversal on Friday.
GDX - on sell signal.
XGD.TO - on sell signal.
Summary
Unless the metal ETFs can reverse sharply up next week, they will soon join the stock ETFs on the sell side. I noted the divergence between stocks and metals in last week's update, and this week the metals finally showed some weakness with a sharp sell off on Friday.
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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......................................
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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.
