Gold prices confirmed a 6-month low on Christmas eve when prices closed decisively above the cycle trendline. This advance should continue into February or March and easily exceed $1600+.
In my article – Gold Prices Close to A Decisive Break, I described how gold was at a critical juncture. The trend broke higher a few days later and confirmed a cycle breakout. The next advance is underway, and I see significant potential in platinum as prices play catchup.
The US dollar has rolled over and broken vital support. This should continue to fuel the Q1 advance in precious metals. The next level of support arrives between 95.00 – 95.50.
Note: The 50-day EMA is crossing bearishly below the 200-day.
I’ve explained before how gold forms intermediate lows approximately every 6-months. The previous cycle peaked in September, and prices entered a prolonged cycle correction. The Christmas eve rally above $1492 confirmed a November 6-month low, and the next advance is underway.
**The breakout above the cycle trendline in gold triggered a trade alert for NUGT released to Premium members before the open on Tuesday, December 24, 2019.
Explosive Potential in Platinum
In the 2019 Metals Market Recap, I mentioned the explosive potential in platinum heading into 2020. Prices are already testing the $1000 level, and the structure looks ready to explode higher.
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 more information, please visit https://goldpredict.com/
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 that will begin to unravel in 2020.