Gold’s cycle projections point lower as the metal continues to threaten to break key support, which would make those projections likely to be reached.
The headline characterizes the seemingly hopeless situation for gold and the precious metals stocks.
Gold’s 13 week cycle projection has has edged up a little but gold still threatens to break support. 9-12 month cycle momentum is confirming a down phase that could last into the fourth quarter.
The Precious Metals Report will not be posted on Monday. It will be back on Tuesday. I am in NYC on family biz. Running late this morning. Apologies!
A key intermediate cycle projection has dropped as gold continues to threaten to break support.
If a key support level holds, then the 4 month cycle should turn up, but if it doesn’t, it will be trouble.
Cycle projections have dropped on the 4 week, 4 month and 10-12 month cycles.
Gold’s 13 week cycle indicators have whipsawed suggesting the bottoming process is not complete and long term charts don’t look so hot either.
Gold is pulling back again this morning after failing to break the trendline from the January peak.
Gold has paused after clearing minor resistance on Thursday. This report covers what needs to happen to signal a sustained rally.