Gold Forecast – Prices Collapsing to Cycle Target as Predicted
Gold is breaking lower from the triangle pattern as forecasted. Expect a 1 to 2-week decline into the next 6-month low. A rally to $2300+ is possible from that bottom into late December – depending on the November elections (or lack thereof).
GOLD
Gold broke sharply lower yesterday, and this should be the beginning of the September breakdown we’ve been expecting. The decline phase into the cycle low should take 1 to 2-weeks.
SILVER
Silver collapsed below critical support at $26.00, and the next target is $22.50. If prices continue to fall beyond $22.50, then we could see a dip back to $19.00 – $20.00, which in my opinion, would be a significant buying opportunity. I think the bull market in silver is just getting started. I’m considering adding silver mining exposure to the Premium member’s educational portfolio on this dip.
GDX
Gold miners maintained support surrounding $39.00 yesterday despite collapsing gold and silver prices. We believe prices will eventually break below $39.00. Initial support comes in around $34.00 and below that near $31.00.
GDXJ
Juniors have been climbing just above the 50-day EMA (currently $57.39). The trend appears to be losing momentum, and prices may be on the verge of collapse. #gold##XAU/USD#
Reprinted from FXEmpire，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
-THE END-