Metals and miners continue to consolidate ahead of Friday’s employment report. Our cycle work supports a breakdown in gold below $1900 and a subsequent buying opportunity.
2019 Metal Recap, I noted how record low gold eagle coin sales likely signaled a shift from record low demand to record high demand over the next decade. That forecast was timely as fear gripped the markets 3-months later, and coin sales skyrocketed.” data-reactid=”13″>In my 2019 Metal Recap, I noted how record low gold eagle coin sales likely signaled a shift from record low demand to record high demand over the next decade. That forecast was timely as fear gripped the markets 3-months later, and coin sales skyrocketed.
Now I am beginning to think shortages and inadequate supply could send premiums on certain coins to unbelievable heights. For example, I believe 1-ounce silver eagles could fetch double the spot price, and possibly much higher as acquiring physical coins becomes difficult.
Current Gold Forecast
Gold is consolidating in a B-wave triangle formation. Prices should break below $1900 in September and drop into the next 6-month low.” data-reactid=”20″>–GOLD– Gold is consolidating in a B-wave triangle formation. Prices should break below $1900 in September and drop into the next 6-month low.
Silver needs to break below $26.00 to trigger the decline phase of the intermediate-degree correction. Initial support arrives at $22.50 – and below that $19.00.” data-reactid=”37″>–SILVER– Silver needs to break below $26.00 to trigger the decline phase of the intermediate-degree correction. Initial support arrives at $22.50 – and below that $19.00.
stock market should remain under pressure into November – expect increased volatility. The dollar should stabilize as gold declines.” data-reactid=”109″>The stock market should remain under pressure into November – expect increased volatility. The dollar should stabilize as gold declines.
Our gold cycle indicator finished Thursday at 298. It should continue to work its way lower and eventually dip below 100 (cycle bottoming) in September.
here.” data-reactid=”127″>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=”128″>For a look at all of today’s economic events, check out our economic calendar.
article was originally posted on FX Empire” data-reactid=”131″>This article was originally posted on FX Empire
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