E Trading Is Usually Tricky At The End Of A 6-Month Cycle.

The last three weeks were challenging as the intermediate gold cycle expanded into a double top. The DUST and JDST trades were accurate in direction, but the timing was difficult as volatility increased. Trading is usually tricky at the end of a 6-Month Cycle.

Metals and Miners should work their way lower over the coming weeks. Breaking the intermediate trendline in gold is essential before reaching a 6-Month low. The ideal target area for gold arrives between $1,190 and $1,212.

As prices correct, we should be able to narrow down timing and price objectives. Currently, we are anticipating a bounce after gold tests the intermediate trendline. However, if gold fails to react at the cycle trendline, then prices could simply grind their way lower.

-US DOLLAR- The Dollar made a bullish hammer on FED day accompanied by a Bullish Engulfing candle today. A bottom is likely, but I’d still like to see a close above the trendline.

-GOLD- Prices should work their way back down to the trendline before a potential bounce.

-SILVER- We should see the $16.00 level tested as gold drops to the intermediate trendline.

-GDX- Miners should drop to test the $21.00 support level once again.

-GDXJ- Junior miners still need to close below the trendline to confirm a top, perhaps tomorrow.

-DUST- Prices closed well above the trendline, and a test of the 200-day MA is next on the checklist.

-JDST- Prices still need to close above the trendline. Once complete, we should see a run to the 200-day MA.

-SPY- Prices continue to close above the 10-day EMA. The trend should continue higher until the 246+ target is reached.

-WTIC- The bear flag broke lower, and prices are becoming oversold. The next swing low should produce a bounce.

We should see an excellent long-term buying opportunity later this summer. Once prices bottom, I expect gold to break above the 5-year trendline and confirm a new bull market. 

Disclosure: None.

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