Metals and miners completed swing highs, and prices are correcting into June cycle lows.
I’ve drawn preliminary target boxes and will adjust higher or lower as this decline materializes.
Once prices bottom, I expect a powerful rally through July and into August; the potential in silver is striking.
The Gold Cycle Indicator finished at 211.
-GOLD DAILY- Gold completed a swing high, and prices are descending into the next intermediate low. I’ve drawn preliminary targets for metals and miners anticipating a bottom in the first half of June.
-SILVER- Silver peaked on Monday after authorities increased margin requirements on Chinese exchanges. I’ve drawn an initial target box between $28.00 and $29.50.
-PLATINUM- It looks like platinum will revisit the $1000 area as prices slip into a June low.
-GDX- Miners should find support around $33.00 in June.
-GDXJ- I’ll be looking for support around $41.00 in juniors.
-SILJ- I’ll look for support in Silver Juniors around $11.00.
-S&P 500- Stocks reacted poorly to yesterday’s Fed minutes. Progressive closes below 5,250 would support a secondary pullback.
Have a great night.