Gold Price Targets $1,300 Next Month
The price of gold made a weekly reversal candle and closed above the 10-Week average. It appears to be setting up a move higher over the next 4-6 weeks likely targeting the $1,300 level.
Gold Daily Chart
The daily gold chart finally closed above the $1,202 level making a confirmed price low. We also have two white candle closes above the 10-Day average indicating the Common Cycle Low is in place.
Silver Weekly Chart
The price of silver often battles the 10-week average after forming a Biannual Cycle Low, price could be setting up a move up to the Green Box or higher over the next 4-6 weeks.
Silver Daily Chart
The daily silver chart hasn’t been able to make a confirmed price low (close above $16.37) nor has it closed above the 10-Day average. The price of silver will sometimes meander for a few days before suddenly leaping up, early next week will provide some guidance.
GDX Daily Chart
The price stayed inside the footprint of the previous day indicating this may be a consolidation before an extended move higher. I find it interesting that the miners have challenged the March highs already, a sign of relative strength.
GDXJ Daily Chart
Price is set up similar to GDX and potentially ready for a breakout move higher.
Natural Gas
I wanted to share an interesting setup in the Natural Gas sector, there has been a dominate 12-14 Quarter cycle in Gas prices, and we just began the 12th quarter of this current cycle. Meaning a Major Cycle bottom will likely arrive in the not too distant future. We are compiling a list of Stock and Options that will benefit from much higher Gas prices. The inverse Head and Shoulder targets range from between $9-$10 (minimum) to as high as $13.00-$16.00. The next Major Cycle Low after this will not likely arrive until 2018.
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