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.

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-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.

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

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-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.

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-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.

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

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

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-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.

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

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


 

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