$XAU, $GLD, $XAG, $SLV, $USD
Gold’s entered a gentle climb North after marking the 12 November lows. It was not until the Thursday before Christmas when prices verified a cyclical breakout.
The initial breakout surge is slowing as the precious Yellow metal enters a mid-cycle correction. Key support is between 1520 – 1540. Once completed, gold should continue to fresh highs.
Silver often lags gold at the beginning of a trend, but takes the lead near the end. So, silver prices should soar throughout the next advance.
Note: Silver diverged from gold and touched fresh lows in December. The recent breakout is very fresh, and a pullback here would offer an excellent, medium-term entry.
Silver spiked to 18.90, and it tappears to be entering a mid-cycle correction. Ideal support appears between 17.30 – 17.80 with the potential for a backtest of the cycle break line. Once complete, silver should resume the uptrend and exceed 20.00 in March.
Precious metals and miners are heading into their mid-cycle corrections. After a brief pause, prices should resume their uptrends. My work shows considerable potential in silver and plan to add leverage as prices correct.
Have a terrific weekend
Latest posts by Paul Ebeling (see all)
- Ferrari (NYSE:RACE) at 24 Hrs Le Mans - September 19, 2020
- Focus is on President Trump’s List of High Court Nominees - September 18, 2020
- Fed Survey: 75%+ of US Families said in July They Were “doing okay” Financially - September 18, 2020