Gold Price Forecast: Breakout

$GLD, $SLV, $GXDJ, $XAU, $XAG

With Wednesday’s Fed meeting past, precious metals can resume their uptrends. A breakout in gold should extend to challenge $1700+ in March.

Gold Breaking Out: Prices are just now breaking free from the January mid-cycle consolidation. Prices should continue higher for another 4-6 wks and challenge 1700+ in March before this 6-month cycle peaks.

Silver Prices Flushed: Tuesday’s 3.31% collapse is silver likely flushed retail traders out of their positions just before the next advance. These moves create massive liquidity so large traders can enter at rock bottom prices.

A daily close above 18.20 will establish the next leg higher and support a rally to 20.00+.

Silver could exceed the 21.25 high set in Y 2016.

Junior Gold Miners Target: The symmetrical cup with handle pattern in juniors is nearly complete. Tuesday’s retest of the 50-period MA was likely the final pullback before prices break above 43.00. The traditional cup w/ handle pattern supports a target near 52.00.

Overall, expect metals and miners to continue higher into March, potentially peaking with the coronavirus.

From there, assume a multi-week correction into the next 6-month low and subsequent buying opportunity late Spring and early Summer.

Stay tuned…

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