This Week in Gold
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$HUI - is on buy signal.
$XAU - also on buy signal.
GDX - on buy signal, waiting for a set up.
XGD.TO - on buy signal, waiting for set up.
This ETF is now in a bearish configuration, therefore, any buy signal is presumed to be a counter trend trade; buyers beware.
Summary
The gold sector and its ETFs are on a buy signal. However, conditions to buy were not met and we will stay in cash until a low risk set up. To enter the market, we need signals, set ups, and stops.
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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.
