Weekly Gold & Silver Cycle Update

Gold Daily Chart

Technically speaking, today we have a confirmed low in gold price. It happened on the 35th trading day of this Common Cycle. Though 35-days is well beyond our average of 20-30 days, it still meets the rules. Over the past decade, I’ve noticed Common Cycles lasting in duration from as little as 13-15 days to as long as 35-40 days. That being said, the majority of them fall around 25 trading days +/- a few days.

I’m expecting a move up for 5-6 trading days approaching the blue target box, followed by a grind lower into the Biannual Low due around April.

SLV DAILY Chart

Silver made a CL (Confirmed Low) yesterday, but it too is having difficulty finding any bid. If gold and silver can endure the next couple days, I expect them to meet our target boxes sometime next week. At which point the Example Portfolio will likely position itself for the ride down in precious metals.

GDX Daily Chart

Price moved up out of the downward sloping channel as expected but without the power and acceleration I thought possible. It too is forming a black candle and meeting all kinds of selling but at least for now it’s out of the channel.

GDXJ Daily Chart

Let’s see if price can move past the black candle it’s forming and continue higher into the blue target box.

Miner of the Week

Strategic Metals Ltd. Is a project generator in the Yukon.

They have 150+ properties, 30+ Joint Ventures and 20+ NSRs. I like the look of the chart as it is relatively symmetrical. If the price reaches the red target box labeled on the chart, the Example Portfolio will surely be interested.

Abbreviation and Definition Key

Confirmed Low (CL) - A Confirmed low is made when today’s price closes above yesterday’s highest point without trading below yesterday’s low.

Confirmed High (CH) - A confirmed High is made when today’s price closes below yesterday’s lowest point without trading above yesterday’s high.

Common Cycle Low (CCL) - A Cycle Low that occurs approximately every 20-30 trading days.

Common Cycle High (CCH) - The highest point of any given Common Cycle.

Biannual Cycle Low (BCL) - A Major Cycle Low that occurs just twice per year, averaging between 20 and 30 weeks between lows.

Biannual Cycle High (BCH) - The Highest point of any given Major Biannual Cycle.

******** 

Chartseek would like to invite you to a free two-week trial to our basic service ,  no obligations.