On the heels of increased volatility in the gold and silver markets, here is a major update on gold, silver and the GDX Gold Mining Index.
Gold & Commodities
November 12 (King World News) – Graddhy out of Sweden: “In a healthy commodities bull market, gold should lead over the general commodities complex. (See below).
HEALTHY BULL MARKET: Gold Leading Commodities Complex
Silver
Friday was day 29 and today is 30 for this DC (Daily Cycle), out of a normal 32-36. Here’s how it could play out before the ICL (Intermediate Cycle Low)…
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Not much more left to drop for silver, and that’s probably why silver miners are showing strength. Could get one more DC (Daily Cycle) but does not look like that now. (See below).
Don’t Expect Much Downside For Silver
GDX
If we break down from my large red head & shoulders I think the drop will be short and that it will turn swiftly. And that would be a FBO (False Break Out) from the head & shoulders and a reversed FBO (False Break Out) often gives a strong opposite move. Could also just go from here as pm metals’ DC (Daily Cycle) is on day 30 today. (See below).
GDX (Gold Mining Index) May See One More Move To The Downside But Upside Reversal Will Be Violent
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