Time to hedge metals positions. Here’s why:
So far gold has done exactly as I predicted. The minute the dollar bottomed, gold topped. I think this is a good time for Old Turkeys to place a hedge on their metals positions.
Gold needs to break the daily cycle uptrend line to confirm the daily cycle decline has begun. It should do that this week as the Euro starts to accelerate down into its own daily cycle low.
I don’t expect a top in the dollar / bottom in the Euro until after the Brexit vote. So look for gold to finish its intermediate decline around that time.
Silver is not in a bull flag like some are suggesting is developing in gold. It appears to be leading the metals down into an intermediate degree correction.