NFTRH 725 Excerpt: Gold & Silver Big Picture

Excerpted from the October 2 edition of Notes From the Rabbit Hole, NFTRH 725:

Gold & Silver

Gold and silver (monthly chart) continue in the cyclical bear that started in mid-2020. I had originally (and incorrectly) projected a Cup & Handle for gold that had to be revised to a double top when the 2022 high failed to gain blue sky. I’ve left the Cup drawn on the chart but that is no longer a handle of any sort. It’s a mess, actually.

The next technical target for gold is support in the 1500s per this Sept. 15th update [password protected]. Also note that the update included an extreme downside below 1300. While not overly likely (IMO), that would put a hard test on the bull market, which was indicated when gold took out the 1378 “bull gateway” (the bull/bear line shown below) in 2019.

As for silver, it continues to hold important long-term support at/around 18 after making a quick breakdown and reversal.

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