HEAD & SHOULDER BOTTOM
The 40-day cycle in gold bottomed last week as forecasted. The formation of the right shoulder appears complete. The multi-month bottoming pattern continues to make progress, with a breakout above the neckline ($1920) projected for August. The price objective upon a confirmed breakout is $2100 – $2200.
Our Gold Cycle Indicator (GCI) dipped below zero and triggered a buy alert last Tuesday. Our Premium Metals Portfolio entered new positions in gold and silver miners at that time. The GCI is back above zero (currently 34).
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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.