Gold Price Targets $1,300 Next Month

Senior Technical Analyst
April 19, 2015

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.

price of gold

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.

gold daily chart

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 weekly chart

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.

silver daily chart

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.

GDX daily chart

GDXJ Daily Chart

Price is set up similar to GDX and potentially ready for a breakout move higher.

GDXJ daily chart

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.

natural gas chart

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Pierce Wellington is the Senior Technical Analyst and a head trading consultant. After making unwise decisions early in his trading career, he developed a passion for Education, Technical Analysis and Trading Discipline. He has successfully traded the Gold and Silver markets for over a decade and is a Chartered Market Technician (CMT).


Gold is used in following industries: Jewelry, Financial, Electronics, Computers, Dentistry, Medicine, Awards, Aerospace and Glassmaking.
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