Gold, Silver And Uranium Miners – Commodity Piece
Strength Across The Board
This is a follow up piece from our previous Commodity Piece (found here) that covered 5 key spot Commodities (we’re going to include Natural Gas in the next Commodity Piece and thereon as the 6th regularly covered Commodity). But first, let’s have a quick run-down for the technical on Gold, Silver and Uranium before jumping into the miners. Please note that throughout this article the Green line is the 9-period EMA, orange line is the 21-period EMA, and the red line is the 55-period EMA.
Gold Technicals (And A Key Development)
Gold seems to have found support on its 9-weekly EMA, which was a level we were looking at in the last article. Although it’s only been a week of green, there are some promising signs showing that the $2270 level should be held as support before the next leg up.
On the daily, the 9-EMA has crossed above the 21-EMA, which is a bullish development. Pullbacks to the 9 or 21 EMA should be buying opportunities as Gold prepares for the next leg up, although there might be some more consolidation/pullback to come (also confirmed by our Cycles Forecast that is presented later in this article).
One important fundamental factor to note for Gold is the record levels of buying from Central Banks even in 2024, despite prices at all-time highs. This shows high conviction by some of the most powerful entities from around the world.
Silver Technicals
Silver also managed to hold its 9-weekly EMA (like Gold), and has still maintained the $26.44 support level, albeit with a wick below it. As far as this technical structure holds, the next upside target is $35.11.
Uranium Technicals
Uranium, one of our favorite Commodities for this decade, has also been showing a lot of strength. The 9-weekly EMA maintained above the 21-weekly EMA, and the 9, 21 and 55 weekly EMAs continue to curl up. This is a very promising sign! But one factor to watch closely is the weekly MACD. IF it rejects, then Uranium could continue to consolidate for a little longer around its 9 and 21 weekly EMAs. However, IF the MACD does cross bullish, then expect Uranium to break the $33.79 resistance level.
On the daily, momentum is still bullish. Uranium recently pulled back to its 9-daily EMA. At this point, a pullback to the 21 or 55 EMA would be buying opportunities. But there could still be some consolidation time left (as shown by our Cycles Forecast later on in this article).
Now, it’s time for the favorite part that our paid members look forward to: The Cycles Forecast! We’re going to cover that for Gold, Silver and Uranium next. Following that, we’ll look at Gold Miners, Silver Miners and Uranium Miners in order to maximize profits during this Commodities run-up, just like our Cycles Forecast are predicting. Remember to take down the dates from these Forecasts because those have shown to be very important turning points in the market.