Technical analyst Jack Chan has examined the charts and says that if we are in a new bull market, prices in both gold and gold equities should begin to pull back and consolidate soon.
As suggested in our previous analysis, we need to see a couple of things happening in order to welcome a potential new bull market:
#1. COT data to return to bull market values.
#2. Gold price to exceed the 2015 high at $1,302.
Nobody can predict when this will happen, but we can prepare by looking at the past bull and bear markets so that we can recognize a new bull market if and when it materializes.
The Bear Market From 1981 to 2001
After topping above $700 in 1981, gold lost more than half of its value in just over a year, followed by two sharp bear market rallies, and then died a slow death over the next 12 years. Continue reading "Are We or Are We Not in a New Gold Bull Market?"