KEY LOW FOR METALS SETTING UP
Gold hit 2004 overnight but is bouncing back with EU news and GDP. It is going to have to take out 2047 to make a stronger statement and negate the project to 1985. Still a divergent low to 2000 might be enough to attract buyers so we have to watch for an entry on Friday if the PCE index is neutral. In any case, within a few days metals are due for a key 2nd wave pullback and will be followed by a 3rd wave advance into mid-Feb.
Silver could still still thrust down to 2165 or 2122 to complete a 2nd wave retracement into Friday/Sunday and then take off into the Feb. high.
What are the Feb. targets? How high will metals run into the July high and into the year 2025? With the US stock market putting in a major pattern completion off of the 1932 depression low something bigger is setting up. Stay on top of this big move with Fortucast.
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