I have Gold on day 14 and GDX on day 11 on the first short term Trading or Daily Cycle out of their Yearly Cycle Low (YCL). From a cycle perspective, I would like to see one more push higher next week before they move into their TC Low or DCL. Markets rarely give us what the majority expect but I have no way of calibrating my expectations vs the broader market with the exception of overall investor sentiment which is still bearish.
My first two charts on GDX and Gold are short term daily versions that provide my expectations on price over the next 2-3 weeks.
My 3rd chart shows my expectations for Gold’s longer 5-6 month Intermediate Cycle out of the YCL. If the Gold bull remains in tact, we should see a “Right Translated” Intermediate Cycle that makes a higher IC Low in the May/June timeframe. Some will also expect a higher high during this Intermediate Cycle and that may be possible. Much damage has been done to the charts, however, and Gold may not make a higher high until later in 2017 if the Bull market is still in tact, which is my current thinking based on longer cycles.
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