This Past Week In Gold

Traders can sell short the bounces during the current down cycle.

GLD – on sell signal.

SLV – on sell signal.

GDX – on sell signal.

XGD.TO – on sell signal.                                                               

CEF – on sell signal.

Just three weeks ago, some folks criticized me for being too bearish, as a few noted gold analysts have suggested that gold has broken out and a new bull market is on its way. I showed this chart with the patterns of lower highs and lower lows, combined with COT data to warn against another top and a drop to new lows. Hope it helped to keep some of you out of harm’s way.

COT data has helped us to identify the near term tops and bottoms effectively. Currently we are no where near a tradable bottom, let alone a new bull market.

Summary

Long term – on major sell signal since Mar 2012 when $HUI was at 550.

Short term – on sell signals.

Gold sector cycle – down as of 10/30.

Traders can sell short the bounces during the current down cycle.

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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.  Courtesy of www.simplyprofits.org