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Gold Price Trend Forecast Summer 2019

Gold Bull Market Correction - Not an If But When

Commodities / Gold and Silver 2016 Aug 16, 2016 - 09:50 AM GMT

By: The_Gold_Report

Commodities

Technical analyst Jack Chan charts indicators that confirm both the gold bull market and an impending correction.



Our proprietary cycle indicator is down.

We are short GLD with a tight stop.

As long as the dollar continues to consolidate, the expectation is a bullish breakout.

The euro is inverse to the dollar, and the current consolidation may seem like eternity to short-term traders, but the previous consolidation lasted much longer before breaking down.

Summary
A bull market in gold and silver has been confirmed, but no bull market is sustainable on a nonstop price spike. Therefore, it is not if, but when, a correction will begin. Bull market corrections can be very sharp but short-lived; therefore, the next cycle bottom could be an excellent entry point.

Meanwhile we are short GLD with tight stops.

Jack Chan is the editor of simply profits at www.simplyprofits.org, 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 U.S. dollar bottom in 2011.

Disclosure:
1) Statements and opinions expressed are the opinions of Jack Chan and not of Streetwise Reports or its officers. Jack Chan is wholly responsible for the validity of the statements. Streetwise Reports was not involved in any aspect of the article preparation or editing so the author could speak independently about the sector. The author was not paid by Streetwise Reports LLC for this article. Streetwise Reports was not paid by the author to publish or syndicate this article.
2) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
3) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their families are prohibited from making purchases and/or sales of those securities in the open market or otherwise during the up-to-four-week interval from the time of the interview until after it publishes.

Charts courtesy of Jack Chan


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