News

Elevator Approaching the First Floor, Then Up

July 25, 2024

3211

View Comments (0)

This update is relatively simple this week. Last Tuesday, July 16, I called the top in Gold, Silver, and the miners. The rest is history. The question now is how low do we go.

Since Sunday, my targets on the downside were as follows:

Gold: $2360-2350.
Silver: $28 or below, worst-case $25.50.
GDX: $35-33.50.

I am making slight adjustments based on the action since then.

GOLD Analysis

Based on a simple ABC correction, this is what I see:

My targets for the bottom in Gold are between $2360-2330, worst-case is $2266 if $2300 is broken.

SILVER Analysis

My targets for the bottom in Silver are somewhere between $28 and worst-case $25.50.

GDX Analysis

My targets for the bottom in GDX are somewhere between $35.75-34.00.

With all of that said, wherever we bottom in Gold, Silver, and GDX, the spectacular rally we have been waiting for will finally begin.

Don’t miss a golden opportunity.

Now that you’ve gained a deeper understanding about gold, it’s time to browse our selection of gold bars, coins, or exclusive Sprott Gold wafers.

Shop Gold

Top Pick

2025 1 oz Silver Maple Leaf Coin Royal Canadian Mint

As low as

$35.45 USD

$50.41 CAD

View Details

Top Pick

2025 1 oz Gold Maple Leaf Coin Royal Canadian Mint

As low as

$2,771.72 USD

$3,941.39 CAD

View Details

About Sprott Money

Specializing in the sale of bullion, bullion storage and precious metals registered investments, there’s a reason Sprott Money is called “The Most Trusted Name in Precious Metals”.

Since 2008, our customers have trusted us to provide guidance, education, and superior customer service as we help build their holdings in precious metals—no matter the size of the portfolio. Chairman, Eric Sprott, and President, Larisa Sprott, are proud to head up one of the most well-known and reputable precious metal firms in North America. Learn more about Sprott Money.

Learn More

About the Author

David Brady has worked for major banks and corporate multinationals in Europe and the U.S. He has close to thirty years of experience managing multi-billion dollar portfolios including foreign currency, cash, bonds, equities, and commodities. David is also a CFA charter holder since 2004.

Using his extensive experience, he developed his own process utilizing multiple tools such as fundamental analysis, inter-market analysis, positioning, Elliott Wave Theory, sentiment, classical technical analysis, and trends. This approach has improved his forecasting capability, especially when they all point in the same direction.

His track record in forecasting Gold and Silver prices since has made him one of the top analysts in the precious metals sector, widely followed on Twitter and a regular contributor to the Sprott Money Blog.

*The author is not affiliated with, endorsed or sponsored by Sprott Money Ltd. The views and opinions expressed in this material are those of the author or guest speaker, are subject to change and may not necessarily reflect the opinions of Sprott Money Ltd. Sprott Money does not guarantee the accuracy, completeness, timeliness and reliability of the information or any results from its use.