Gold reached our March $1700 target exactly and instantly began its decline. Final month I discussed, the following correction in gold may very well be extreme. I suppose that was an understatement. Costs simply breached the earlier 6-month cycle low, and now we have a failed cycle.
THE IDEAL TARGET
Regardless of plummeting costs, gold stays in a structural bull market. Commonly a development will come again to check a breakout space. Within the case of gold, that stage is between $1350 and $1380. That is the place I will likely be in search of help within the coming days/weeks.
If you happen to lived via the 2008 crash, then it’s best to know what occurs subsequent. The extreme panic encompassing the globe has sparked large and quick demand for treasured metals. The biggest coin seller in America offered out of silver cash over the weekend. The US mint is out of silver eagles. Such a investor demand isn’t cured in a single day.
Gold Cycle Indicator
Our proprietary gold cycle indicator peaked final Monday at 412. It reached minimal cycle bottoming and a rating of 85 by Friday’s shut. With gold costs now firmly under $1500, the GCI is nearing a rating of zero.
Valuable metals fashioned a V-shaped backside in 2008 when the whole lot crashed. I believe we’ll see the identical factor this time. Be affected person and choose your spots – the world is on sale.
AG Thorson is a registered CMT and knowledgeable in technical evaluation. He believes we’re within the remaining levels of a worldwide debt super-cycle. For extra info, please go to https://goldpredict.com/