Here are my thoughts on Gold, Silver, and Miners…

First off, based on the daily cycle (Blue arrows) we are entering the timing band for the next one. The previous one was a bit short, so i would expect this one to be a bit longer.  All three have yet to break their cycle trendline, so that still needs to happen as well. This says to me that more downside is coming in the short term with Gold the most of amount of space below to cover.

It looks like Gold and Silver are both going to be left translated (high in the cycle came in the first half of the cycle), which typically signals that the following cycle will fail (when the low breaks below the previous cycle low). Although GDX bucks that that trend set in Gold and Silver as it will likely end this cycle right translated.

The following daily cycle would take us to early March most likely, this lines up with the yearly cycle low taking place in that time frame as well.  The last yearly cycle low happened in March 2023, so this means that the red trend line would need to be broken before the next yearly low can take place.  GDX was signalling that the late 2023 rally in the metals was potentially a suckers rally as it has already failed on the yearly cycle by breaking the March 2022 low in early October 2023.

This makes me think we set a low in the next 1 – 3 weeks.  We will rally from that low into end of Jan/early Feb, followed by a nasty decline down to that red trendline.

IF this plays out, and you haven’t already gone all in on Gold/Silver/Miners, then this will likely be the last buying opp before the long awaited rocket launch.   If you are bullish, I would suggest buying this dip, and holding into end of Jan, but sell if we break this early Jan low (whenever it comes).