Our cycles supported an inflection point in precious metals around Nov 6 (+/- some trading days). I assumed it would be time for a low aligned with our 6 month goal. Today’s market action for the vaccine suggests that instead of a low, gold reversed and formed an overnight high. The electoral fiasco kept gold elevated long enough to force a reversal of the cycle. Subsequently, gold pushed its 6-month low until the last fortnight of December.
GOLD 4 HOURS: Gold prices plummet after Pfizer announced a vaccine that was reported to be 90% effective. This news event forced a reversed cycle, and we expect an initial collapse to $ 1810 – $ 1820 (as of now).
6-month updated target: Today’s reversed cycle peak supports a December target of around $ 1,750 for a measured ABC correction. At least that’s my initial impression, given today’s action. We will know more in the next 48 hours.
After an initial crash to $ 1810 – $ 1820 (as of now). We could see a 3-4 week consolidation followed by a final decline in the last half of December.
AG Thorson is a registered CMT and expert in technical analysis. He believes we are in the final stages of a global debt supercycle. Post daily updates for premium members. For more information, please visit here.
