That seems to be the reoccurring cycle in precious metals anyway. With fears mounting across markets, it appears we have reached another supply/demand tipping point.
Forecasting Gold’s Breakout
In mid-February, I penned an article titled: Gold Forecast – Gold Price Approaching Bullish Breakout. I described the potential for a slingshot move higher in precious metals and miners. That forecast is playing out as prescribed, and it appears we are entering the heart of that move now.
GDX THEN: Below is the Gold Miners (GDX) chart from the article mentioned above:
GDX NOW: Gold Miners are exploding through ideal target sooner than anticipated. This slingshot higher may extend to new highs quicker than forecast.
GOLD DAILY BREAKOUT: Gold prices continue higher after the February breakout above the 18-month trendline. Prices could test the $2089 high in March. The next 4-month low is due in mid to late April. The current price action supports our outlook for gold nearing $3000 by year-end.
Meme Candidate Update
Last November, I wrote about a speculative stock play in gold and silver miner HYMC. With money now flowing into the sector, prices are getting some action. The ingredients for a squeeze remain.
HYMC: Even our Gold Mining potential Meme Candidate Hycroft Mining Holding Corp (HYMC) is getting some interest. As I write, prices are up nearly 200%. The available float is extremely low, and consistent money flows could push prices significantly higher, in my opinion.
Disclosure: I own HYMC shares and warrants.
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
More From FXEMPIRE:
