Good Morning!

Gold and Silver sold off into the end of the month and quarter but the monthly and quarterly charts remain intact.

Gold continued higher while Silver made its highest monthly close in 11 years.

GDX made its highest monthly close in 4 years while GDXJ made its highest monthly close in 3 years.

Scroll down, as we cover each of the charts.....

Gold & Silver Monthly Charts

Gold closed the month at $2659, with another strong candle, even in the wake of recent selloff. 

The measured upside target from the cup and handle breakout is $3000. 

The monthly RSI is overbought but as the vertical lines show, Gold gets more overbought in a secular bull before an interim peak.

Depending on what happens from here, $3000 could be a magnet for the next peak or merely a pause in a very strong move.

Silver managed a good month, after testing support (resistance from 2020-2021) over the summer. 

It closed above resistance, at $31.46 but off the high of the month at $33.02. Good close, but lost some momentum. 

There is a sure target at $35 with support entrenched at $29.

Gold & Silver Quarterly Charts

Gold's quarterly chart remains quite strong, as it closed near the high of the quarter, in which it gained 14%. 

The quarterly RSI shows just how overbought Gold gets in a secular bull market. (The vertical lines mark comparable points to today). 

Quarterly momentum compares with early 1972, mid 1978 and late 2005.

Silver's quarterly chart shows some resistance at $32, (which is also seen on the daily and weekly charts).

Then there is all-time quarterly high resistance around $38.

Resistance at $32 has held the last two quarters. Also, $32 is the yearly high. 

So a close above $32 at end of December would be hugely significant.

GDX & GDXJ

GDX closed the month at a 4-year high. Had it held the gains from last week, it could have closed at an 11-year high (in monthly terms).

GDX closed at $39.82, surpassing $37.50 which has been a key level for almost 20 years.

Other than a bit of resistance around $41, the next strong resistance area is not until $47-$49. 

GDXJ closed the month at $48.81, the highest monthly close in 3+ years. 

(GDXJ data back to 2004 is available on MVIS fund website. Not shown on any charting platform). 

It surpassed previous resistance around $45.50. The measured move from 2022 low to $45.50 resistance from 2022 & 2024, is ~$65, which is next strong resistance zone.

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