With both gold and silver ETFs trading in heavy volumes last week, technical analyst Jack Chan suspects liquidation is occurring, and speculates that the upcoming Brexit vote could impact the U.S. dollar.
by Jack Chan
The Gold Report
The gold ETF produced an outside reversal this week on very heavy volume, suggesting liquidation.
[…] The silver ETF also furnished an outside reversal on very heavy volume.
[…] USD is bound by support and resistance and is destined to break one way or the other soon.
Much will depend on the dollar, as the Fed’s announcement this week did not cause a break one way or the other. Perhaps Brexit will next week. The outside reversals on GLD and SLV were on very heavy volume, and that suggests liquidation. Caution is advised.