Metals Setup Apex "V" (PANIC) Bottom - Rally Will Continue
Gold and Silver are setting up a nearly perfect deep "V" bottom after a bout of PANIC selling over the past few weeks. This sets up a move for Gold to rally above $2250 and Silver to rally above $28.50.
Ultimately, I believe Gold will exit the Setup Phase and peak in the next phase, the Breakaway Phase, above $2450. Silver will follow with a rally to levels above $31 as it moves away from the Setup Phase and peaks in the Breakaway Phase.
These are big moves for Gold and Silver - 15% to 25% or more.
This also sends a clear message to the general/global markets that traders are hedging the uncertainties of the conflicts and the central bank/global economy credit issues. I see the next 14 months, before the US POTUS elections (Nov 2024) and possibly a few months beyond, as very concerning for the US/Global markets.
Where will the economic growth come from to drive expansion? China is contracting. Asia is contracting. Europe is contracting. The US is still operating reasonably well, considering much higher interest rates. Canada is still holding up okay, considering an extremely over-inflated asset bubble.
How long before something breaks if the US Fed decides enough is enough and moves to PAUSE rate hikes?
I guess we won't see a pause in the US Fed until possibly May/June 2024. And that will drive a fear/hedging/panic cycle where USD assets and precious metals become an effective hedge against risks.
Pay attention. This next move in metals should be very explosive.
Ultimately, I believe Gold will exit the Setup Phase and peak in the next phase, the Breakaway Phase, above $2450. Silver will follow with a rally to levels above $31 as it moves away from the Setup Phase and peaks in the Breakaway Phase.
These are big moves for Gold and Silver - 15% to 25% or more.
This also sends a clear message to the general/global markets that traders are hedging the uncertainties of the conflicts and the central bank/global economy credit issues. I see the next 14 months, before the US POTUS elections (Nov 2024) and possibly a few months beyond, as very concerning for the US/Global markets.
Where will the economic growth come from to drive expansion? China is contracting. Asia is contracting. Europe is contracting. The US is still operating reasonably well, considering much higher interest rates. Canada is still holding up okay, considering an extremely over-inflated asset bubble.
How long before something breaks if the US Fed decides enough is enough and moves to PAUSE rate hikes?
I guess we won't see a pause in the US Fed until possibly May/June 2024. And that will drive a fear/hedging/panic cycle where USD assets and precious metals become an effective hedge against risks.
Pay attention. This next move in metals should be very explosive.
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