With the important distinction that targets are what they are, objectives not stop signs, we note this morning that gold and silver have each hit their targeted levels (HUI is still out there with its 375 objective). We’ve had gold to 1940 for months as a near-term objective and hysterically enough, silver to 24-26 as a longer-term cyclical bull market objective.
Gold ticked 1943 as it accelerates to a fairly overbought condition.
Silver appears of a mind to hysterically test long-term resistance in the 24-26 range. Indeed, it is already smack in the middle of that zone. Welcome to the equal and opposite reaction to the March puke fest. My oh so sensible plan was for this to take months, not minutes.
Aside from what the two metals are doing nominally, it will be their interplay as a “metallic credit spread” (H/T Bob Hoye) that will be most helpful going forward. Throw in a side of Doctor Copper and we’re going to piece the reflationary (or lack thereof) macro together.
An end of summer 2020 price increase is coming. Subscribe to the value-priced NFTRH now to lock in the current rate for the life of your subscription! Current subscribers will never see an increase and have never seen increases since the service began in 2008.
NFTRH Premium (monthly at USD $35.00 or a discounted yearly at USD $365.00) for an in-depth weekly market report, interim market updates and NFTRH+ chart and trade setup ideas. You can also keep up to date with actionable public content at NFTRH.com by using the email form on the right sidebar. Follow via Twitter @NFTRHgt.
