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Today is very important and could be explosive. If, I am going to be correct about silver reaching my $30 target in the next two weeks(month end) it is likely to have a very strong upside day today.
It doesn’t have to, but given that after strong upside days on Monday and Wednesday, each followed by corrective pullbacks on Tuesday and Thursday, it should break out and run to the upside today.
That would be really cool, to see silver above 26 again. So far it is performing like you said, doing better that gold, which is bullish for PM space. Gold is not doing bad either, currently forming some high pole wedge consolidation.
As for PM miners, it probably depends on general markets. If general markets break down their weekly trend lines, I would expect miners will at least initially crater down. But if silver goes above 26 and toward 30, it will not hurt my feelings at all. 😉 God knows, we deserve this move, some of us have been patiently waiting for a long time.
Thanks for the updates
Gold is actually behaving beautifully, considering the large breakout move it had. As I expected, it is consolidating between $2200 and $2150. That may continue for a bit longer but by the end of next week I would think it would move higher above $2200.
CM — I enjoy reading your predictions!!
Everything looks good. Sure things are overbought on the daily chart, but the weekly charts still have plenty of room to run if they want.
My concern is that the miners still have not confirmed gold’s move IMO. Some of them got absolutely destroyed since January and have a ton of room to make up still. something has to give–either the metals come back down soon or the miners will have a 1 or 2 week explosion to catch up.
I hear you re: the miners. What is occurring is that first, early days for the metals. Second, because of the stock market and crypto, the money isn’t going into the miners(yet). It will, but UNTIL the stock market cracks(which it might not because of hyper inflation) then the miners are likely to under perform.
Well, very strong early but no explosion today. A good day in the progression towards $30 but looks like it will take until month end. Can’t be disappointed in the continuous progress.