Gold and silver are following our E-Wave cycle to a “T” with both pulling back right on cue with our forecast.
But after falling for the past three weeks in a row, precious metals are oversold, and overdue for a short-term bounce. As you can see in the chart below …
We’re likely to get a counter-trend rally higher, before ultimately rolling over again, sending the price of gold and silver to lower lows into November. That’s when the bull market in precious metals will return in earnest and the longer-term rally will resume.
In the meantime, we could see a short-term bounce back toward key support at $1,300 for gold. That’s a sizeable move that gives you plenty of potential profits … with the most upside potential in mining shares, which typically move more sharply than gold itself.
Take action on these two trades now …
Here’s what to do right away:
1. Sell ALL my shares of Direxion Gold Miners Bear 3x ETF, symbol DUST, at market.
2. Using 5% of the trading capital you have set aside for this service, BUY ProShares Ultra Gold Miners ETF, symbol GDXX at a limit-price of $42 or better. This order is good-till-canceled.
Remember, this is a short-term trade so we’re only looking for a small move on the upside in gold and silver, but it should translate into a gain of 15%-to-20% or more with this ETF that aims to deliver TWICE the upside potential as mining stocks. Place these trades right away and hold all other positions.
Good investing,
Mike
