The Low Is In! Gold, Silver & Miners Now Primed To Rise Through August Into September

The low of $1,310.70 in gold last week appears to have marked the cycle bottom. With the Fed meeting behind us, gold prices are primed to rise through August - and likely into September, where they will form the next intermediate cycle top.

By AG Thorson

Gold Prices

...Prices make 4-5 price lows throughout the intermediate trend. We just completed the second low so, from here, prices should advance nicely.

Silver Prices

Silver and gold nearly always correlate – with their cycles matching closely. Silver displayed relative strength in late June, holding above the 10-day EMA during the first cycle low. There is likely significant power remaining. Consequently, prices should rally from here. The second low arrived at $19.27. Subsequently, a new cycle higher has just began.

Gold Miners

Miners dropped slightly below their Thursday low of $27.80, but remained above support. The low is in, therefore we could see GDX approach $37.50 in September. That translates to roughly 360 in the HUI.