Tuesday , 27 October 2020

The Low Is In! Gold, Silver & Miners Are Now Primed to Rise Through August Into September

The low of $1,310.70 in gold last week appears to have marked the cycle bottom. With the Fedgold rise meeting behind us, gold prices are primed to rise through August – and likely into September, where they will form the next intermediate cycle top.

The comments above and below are excerpts from an article by AG Thorson (www.GoldPredict.com) which has been edited ([ ]) and abridged (…) to provide a faster and easier read.

Gold Prices

As described in the article explaining the 6-month gold cycle, prices make 4-5 price lows throughout the intermediate trend. We just completed the second low and, from here, prices should advance nicely.

Silver Prices

Silver and gold nearly always correlate – with their cycles matching closely. Silver displayed relative strength in late June, holding above the 10-day EMA during the first cycle low. There is likely significant power remaining. Consequently, prices should rally from here. The second low arrived at $19.27. Subsequently, a new cycle higher has just began.

Gold Miners

Miners dropped slightly below their Thursday low of $27.80, but remained above support. The low is in, therefore we could see GDX approach $37.50 in September. That translates to roughly 360 in the HUI.

Disclosure: The above article has been edited ([ ]) and abridged (…) by the editorial team at munKNEE.com (Your Key to Making Money!) to provide a fast and easy read.
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