Gold and silver are sliding again this morning, trading heavy, with the December gold futures contract at $1,326 as I pen this issue (9:32 am EST).
Moreover, technically, the chart action in gold looks terrible. Never mind all the lines on the chart. Most of them are proprietary and cyclically based. Plus, over time, I’ll explain them to you so you can learn more.
For right now, I just want you to see with your own eyes how the pattern is shaping up. With cycles still pointing down, if gold can break the prior low at roughly $1,305.50 …
Then a steep drop to $1,250 should come almost immediately thereafter.
Silver’s chart and outlook is similar, as are those for platinum and palladium.
Now take a look at the chart I have for you of the euro. It’s getting ready to crack hard, which means conversely, the dollar should soar.
Fundamentally, the euro has more problems than a house infested with termites, roaches and rats. It’s going down, and by 2020 the euro will no longer exist.
Shorter-term, the euro chart you see here is very bearish.
Meanwhile, the major U.S. indices – as well as those in Europe – are all trading heavy – following their AI cycle outlook.
Hold all positions and related applicable stops and stay tuned …
Best,
Larry
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