Loading ...It’s possible that this PM correction is close to being over.
Some PM stocks like NG.to and NVO.v have corrected to their 200 DMA. Others have corrected to their 50 DMA. The question for me is do they all have to correct to their 200 DMA like the aforementioned stocks or is this it? What do you think?
Place your bets North! Oh, we already have. 🙂
Yes we have. 🙂
Some leaders have already broken out of the patterns .
Thats what I think
Right on, Fully. They have, and they usually tell us what is going to happen.
Some leaders have broken out.(That’s good) They don’t ALL have to correct to 200 day.(More good news) BUT, the correction is not over. Still think it is going to last until Thanksgiving. Gold is closer to it’s bottom than Silver but they both go lower.
I highly doubt the correction lasts until Thanksgiving. That would put the weekly gold cycle at something like 36 weeks. Possible but highly unlikely.
Based on daily Ichimoku cloud structure, gdx could fall to $38. I’m not expecting it to fall much further but it’s possible it could really spike down in early October. I don’t expect a tag of the 200 dma, but I am not ruling it out—it would be totally normal bull market behavior.
Thanks for your thoughts everyone.