Before we jump into the weekend, I wanted to mention the weekly chart of gold.
GOLD WEEKLY: A close above $1760 on Friday would create a bullish hammer and a potential Double Bottom. Upside follow-through above $1800 next week would promote an intermediate low with a breakout above $1920 required to confirm the next bull market advance.
Note- A sustained breakdown below this week’s low ($1675) would support more weakness in precious metals and a possible dip to $1550 or lower in gold.
Our Gold Cycle Indicator hit ZERO on Tuesday, triggering a Portfolio Buy Signal. Currently, the GCI is sitting at 18.
Covid Update
Our analysis supports a rigorous battle with Covid returning this Fall with a potential surge into precious metals as a store of safety. Watch for spiking demand in physical investment bars and coins as an early warning.
AG Thorson is a registered CMT and expert in technical analysis. He believes we are in the final stages of a global debt super-cycle. For regular updates, please visit here.
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