spike-high we forecasted in gold last week appears complete. Prices collapsed to $1874.20 by Wednesday before rebounding. We think gold could retest support near $1660 in late September, which will present the next great buying opportunity.” data-reactid=”12″ type=”text”>The spike-high we forecasted in gold last week appears complete. Prices collapsed to $1874.20 by Wednesday before rebounding. We think gold could retest support near $1660 in late September, which will present the next great buying opportunity.
Gold and precious metals are extremely cyclical. Roughly every 6-months prices form an intermediate cycle low – the last low arrived in March. The current decline is just starting and may last 4 to 6-weeks. Our preferred target window (gold chart below) supports a bottom in late September or early October.
Gold is in a powerful bull market – we do not recommend shorting or trying to trade every swing. Today’s markets are more volatile (news-driven) than ever – one black swan event could wipe out your entire trading account…if not properly managed.
After peaking at 450, our Gold Cycle Indicator (currently 373) is declining – suggesting metals and miners have started their intermediate-degree corrections.
Noticing the shift in volatility, we switched to an accumulation strategy adding to our long-term holdings only when the Gold Cycle Indicator falls below 100. This strategy dramatically reduces stress and trading anxiety.
We continue to like miners and platinum going forward as we believe they will continue to play catch-up to gold.
here.” data-reactid=”72″ type=”text”>AG Thorson is a registered CMT and expert in technical analysis. He believes we are in the final stages of a global debt super-cycle. For more information, please visit here.
economic calendar.” data-reactid=”73″ type=”text”>For a look at all of today’s economic events, check out our economic calendar.
article was originally posted on FX Empire” data-reactid=”75″ type=”text”>This article was originally posted on FX Empire
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