So far in 2016, gold GLD, and silver SLV, have been on the rise, raising the all-important question of whether or not “it is the time to back up the truck and buy gold and silver,” similar to our calls to buy gold in $600s in 2007 and silver in the $17s before a run to $50.
The Arora Report does not make such calls lightly. Over the years, we have made the “back up the truck and buy” call only once on gold and only once on silver.
Gold and silver markets are global and highly complex. Over the years, we have developed specialized algorithms with fundamental, quantitative, sentiment and technical inputs from across the globe. The uncanny accuracy of these algorithms has been proven and well documented over a long period of time, including at MarketWatch. What are these algorithms saying now?
This is part on of a series of columns on the subject. I will discuss here two noteworthy factors and the remaining factors will be discussed in subsequent pieces.
Character of the rally
To examine the character of this rally, let us start by looking at the annotated chart of gold.
Please click here for an annotated chart of gold.
Please notice the following from the chart:
- Until recently, gold has been in a downsloping channel with lower highs and lower lows. This was a bearish formation as it indicated a continuation of the long-term trend which has been down….Read more at MarketWatch.
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