The Ultimate Guide to Reading Monthly and Quarterly Charts for Gold, Silver, and Miners
As the end of September approaches, technical analysts are gearing up to analyze fresh monthly and quarterly charts. These charts are crucial for understanding long-term trends and potential future movements in the market.
In November 2024, Gold hit a new monthly all-time high and a new quarterly high, signaling a breakout that would occur a few months later. Currently, the monthly chart for Gold remains strong but is showing signs of being overbought. Despite this, there is still room for Gold to reach its measured upside target of $3000.
Silver, on the other hand, saw a significant boost in September, closing at an 11-year high after retesting peaks from 2020 to 2021. The monthly chart for Silver shows support at $28-$29 and resistance at $35, dating back to 1980. The quarterly chart for Silver indicates resistance at $32 and $38, with $32 being a more significant level.
In the world of miners, GDX and GDXJ both showed promising signs in September. GDX closed at a 4-year high, confirming a breakout above $37.50, while GDXJ closed at its highest monthly close in over three years. Both miners face resistance levels but have potential for further upside.
Overall, Gold remains in a bullish trend, but may be due for a correction at $3000. Silver faces key resistance levels at $32 and $35, with potential to reach $36 or $37 in the near future. The miners have just broken out on the monthly chart, indicating a positive outlook if Gold and Silver continue to trend higher.
For investors, paying attention to monthly and quarterly charts can provide valuable insights into market trends and help inform investment decisions. High-quality juniors are seen as a good value and expected to outperform GDX and GDXJ in the coming months. Stay informed and watch for key resistance levels to gauge the timing of potential moves in Gold, Silver, and miners.