WHAT’S AHEAD FOR GOLD?
(10/21) Gold hit 2755 overnight. The extended target is 2788 and 2800 will easily come in. Not likely to take out 2688 on pullbacks. The pullback in November could go to max 2480 but that may be asking too much. . There are patterns that would allow 2800 and we have until the end of the month. Cycles suggest we cannot count on pullbacks as it is in a war market.
Last Friday, we noticed the 89 day cycle which kicks in a positive way Oct. 18-29th and that will allow gold a longer period of time to extend.
LOOKING AHEAD:
The next strong move up will be probably Nov. -Jan. 2025 and then into Sept 2025 and another one due into Dec. 2026. Larger Patterns from the October low point to 2882-2925 on the next run higher and is that the January high or does that happen sooner with X-a factors?
CYCLE SYTHESIS: topping Monday and retracing into Tuesday/Wednesday; higher into Oct. 29th.
LARGER CYCLES: We are watching highs into Jan. 2025 and major cycle highs into Sept. 2025. Longer-term gold cycles peak into the years 2027-28 and the most exaggerated projection for gold into that time window is something like 4918 . With a major top for stocks since the depression low in 1932 into this year, gold may take off as a major asset if the government does not ban it as it has in the past. Still, it would take a while for that to happen.
GDX: Looking for at least 4540 but 4700 is easily obtainable this week. The most extended target is 5500 but that would seem a lot for this week but could easily be a target by December or January.
GLD: GLD should hit 262-3 by next Monday. We are not clear where the best entry is but there is a gap at 251.40 and 251.00 will probably not come out.
If there is a crisis, it would go to the 3rd wave target of 272-275. We have some on as we have to hedge world tensions but not worth betting the house on.
GLD LONGER-TERM: Upper targets at 272 and 282 and 303 and we do no not have time windows but look at our analysis of long-term cycles above. Possibly into the January high.
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