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The Time to Buy is Nigh

August 1, 2024

By David Brady

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In a nutshell, simplicity is genius, and I can’t make it any simpler here.

GOLD

Gold bottomed out at 2350. Now, it has hit a double top at ~2500.

We also have multiple negative divergences on the daily chart going back to April.

The same can be seen on the weekly chart:

However, if Gold is able to rally above 2500 and close up there, and at the same time the daily RSI exceeds 70, the series of negative divergences would be broken.

The daily and weekly MACD Lines in blue looks ready to break the signal lines in red. This would be bullish too.

If or when Gold does break higher, followed by a short-term pullback, we are off to the races imho.

We would need a break below 2377 to negate this forecast.

SILVER

Silver held 27.50, “twice”, and has now reached a double top at 29.30. Next, I expect a drop to 28.50-28.00, then up we go!

The daily chart shows that there is plenty of room on the upside:

All of the indicators are turning up!

Only a drop below 27.50 negates this forecast.

Summary: It certainly appears that the lows are in, assuming we don’t get a stock market crash, and we’re going much higher. Stop losses should be placed below the breakdown levels provided above.

Welcome to wave 3!

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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.