From the weekend online edition of NFTRH, #696…
We reviewed the bullish objectives for gold, silver and the miners (HUI) in the second segment. The week closed with that status, but also with the same risks involved. Gold has taken the other side of the fear trade as the headline indexes drop (pending the labored bounce) and fear envelops the planet. Insofar as current TA and sentiment trends remain intact, we’re looking for gold to 2000+, silver to 30+/- and HUI to 325.
What’s more, I think there is a good chance that this is the start of the projected 2022 bull phase for gold and the miners. The first impulsive launch. However, when the acute phase of fear ends – and it will – the PMs will be quite vulnerable to correction, at least to test the parameters of the new bull phase. That could mean gold dropping back to [pullback targets omitted] the XXXX area (current: 1966), HUI to the XXX-XXX area (current: 304) and silver to the low-mid XX (current: a lagging 25.80) if they do indeed ding the upside targets, near-term. Let’s remember that the seasonal goes negative around the current time frame.
Two of the three targets are in, with silver a wild card. Gold did the trick yesterday and HUI today. Here’s Huey, playing almost too well to our script (which makes me think that after I post this it’ll take another leg up). Targets are not stop signs, and silver is wild. But two of three are in and I for one took my profits on some items.
2022 is going to be a long and I suspect profitable year. But, patience. Eh?
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