E Gold And Silver Made New Cycle Highs Today

Gold and Silver made new cycle highs today, and that should secure a right translated cycle. My only concern is miners. They are yet to make fresh cycle highs, and I’d like to see them do so before starting a correction. Presumably, they are consolidating the sharp move off the lows before executing the final push into a cycle high. Miners should rally to new highs by tomorrow or Thursday, failing to do so will be cause for concern.

-US DOLAR- The dollar is searching for a cycle low, prices may drop to the 50-day EMA (101) before hitting it.


-GOLD- Prices just about reached the 50-day EMA today making a new cycle high. A close below today’s low ($1,180.20) would be the first sign of a potential cycle top.


-SILVER- Silver also made a fresh cycle high. No signs of a cycle top.


-GDX- Miners are consolidating the sharp move higher. Ideally, they’ll push higher one more time before correcting into a cycle low. If prices don’t make a new high before correcting, I’ll grow cautions.


-NUGT- Prices are consolidating just under the 50-day EMA. If prices rally above the $10.50 high before correcting, I’ll look to around the $8.00 level for a possible buy target.


-GDXJ- Prices are struggling just under the 200-day MA. A push higher should start by tomorrow or Thursday if we get one.


-JNUG- Preliminary targets for JNUG range between $7.00 and $6.00, but I first need to see where the cycle tops.


-SPY- Prices are crawling along the 10-day EMA unable to make a second close above 227 resistance. Dropping below 226 should lead to a C-wave selloff to 220-221 region.


-WTIC- Prices finally broke the trendline, and a correction should last a week or two with support arriving at the 200-day MA.


The action in miners is crucial the next few trading days. I’ll update members when the cycle tops, along with ideal correction targets.


How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.


Leave a comment to automatically be entered into our contest to win a free Echo Show.