Technical Summary: A daily finish in gold futures above $1880 would support a slingshot move higher (including silver, platinum, and miners) over the next 4 to 8-weeks.
GOLD FUTURES DAILY: I think we will know if gold is breaking out within the next day or two. Futures must continue to hold support between $1845 and $1850. A close above $1880 would recommend a significant breakout. Note: the next low isn’t due until mid-April.
PLATINUM FUTURES DAILY: Platinum futures are trading back near the $1050 level. A continued rise above $1050 that extends through $1065 would support a bullish breakout towards $1300 over the next 4 to 8-weeks. Whereas closing back below $1000 would promote more downside consolidation.
-GOLD MINERS (GDX)- Gold miners are above their January high. A strong finish above $33.19 would signal a potential slingshot move higher.
In my late January post to members, I noted the potential for a slingshot move in gold miners.
The next 48-hours are crucial for precious metals.
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.
This article was originally posted on FX Empire
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