Quick Metals Update

The reason I was unable to write something yesterday evening as a metals update was because there was not much for me to update based upon my prior analysis.  There are only so many ways I can say the same thing over and over.

And, to be honest, not a lot has changed today, other than in silver.  As you can see, we may be completing a very “ugly” leading diagonal up off the recent lows in silver, right into the market pivot I have outlined on our 144-minute chart for quite some time.  Yet, many of you know that I do not trust leading diagonals, so I am still not confident in the bullish set up.  What I will need to see is a corrective pullback in wave ii, with a break out through 18.12 to be much more convinced that the bull market rally has returned, with an immediate target in the 19-20 region for wave iii off the recent lows. 

While GDX and ABX are still stuck in their corrective structures, I still think the GLD holds the best clues to this market.  But, until we fill in the (i)(ii) noted on the daily chart, I am cannot view the overall complex as being immediately ready for a major break out.  Yet, once that fills in, we will be on a “break-out-watch,” as trigger of that set up will finally provide us the break out for which we have been eagerly waiting as this market has consolidated sideways for the last year and a half.

Again, there is not a lot more insight I can offer when the metals do not provide us with any further structure with which to analyze.  But, what I intend to do this weekend is to provide a bigger picture of my expectations, which seems to suggest that 2020 is lining up as the biggest rally we have seen in many years in the metals complex.

GDXdaily
GDXdaily
GLDdaily
GLDdaily
silver144min
silver144min
ABX60min
ABX60min
Avi Gilburt is founder of ElliottWaveTrader.net.