Precious metals seem to have lost their way
over the past few months. The following daily charts of Gold and Silver show
prices relative to the heliocentric price lines for Venus (green) and Jupiter
(blue).
Gold
Gold may have put in a primary cycle bottom
on April 4 and if so the last few days may have been the first trading cycle
low. If true then Gold should be bullish for the next few weeks. Gold needs to
break through Jupiter price line at approx 1670 on strong volume. To continue
it would need to put in a higher high and then break through the 200 dma. Gold
may also have just put in the right shoulder of a reverse head and shoulders
pattern with the head at the Dec 29’ 11 low.
If Gold bounces off the Jupiter price line
then we will continue to watch and wait.
Silver
Silver has also been wandering away from
the helio Venus, Jupiter price lines as well. April 25 may have been the
primary cycle trough. On a candlestick chart this would be a strong hammer
doji. Silver needs to break through the 23.6 % retracement and the Jupiter
price line to give some credence to the April 25 date.
US$
For PM’s to turn bullish the US buck needs
to decline. On the following daily chart of the US dollar the blue vertical lines mark 90 calendar days. The question is are we at a high or a low.
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