Our proprietary cycle indicator reached 100%, which is the highest level ever. It cannot go higher, but prices can remain firm at current levels.
Speculation according to COT data is now back at bull market values.
A bull market in gold and silver is now confirmed, but for risk management, we shall wait for the next cycle bottom to begin accumulating positions for the long term. A multiweek correction is long overdue and can start anytime.
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.
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Charts courtesy of Jack Chan