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Gold still bullish. GLD likely to reach 249-50, then 267. Gold and Silver are both higher by more than 1.3% today, and precious metals outperformance has begun to accelerate this week following the genesis of the Fed's Rate cut cycle. GLD0.45%  the Gold SPDR ETF, has begun to trade more parabolically on weekly charts, and given the lack of exhaustion signals on GLD weekly charts, this remains very well positioned to continue higher into October. However, monthly DeMark signals have just triggered (but not confirmed) monthly TD Combo 13 Countdown signals ("Sells") while Quarterly GLD charts are on a 7 count, with October kicking off a new quarter that could bring about an 8 (of a possible 9) Thus, this move in Metals very well might not continue all year. However, the next 4-6 weeks looks quite promising for both gold and silver, and gold. GLD0.45%  ETF has upside targets at $249-50 initially, then $267 which i feel is possible over the next month before the start of some consolidation.

Big decline in the precious metals this morning, and Silver has fallen 4%. I suspect this will bring attractive opportunities for both Gold and Silver with support found near $26-$26.50. Given that Rates are closing in on cyclical peaks, this should be positive for precious metals, and now this pullback should create an appealing risk/reward for Silver likely by mid-week. As this chart shows, a move under prior lows of the prior week is certainly not a great technical development, so i expect this will lead to a bit more selling on Tuesday into Wednesday. However, following an extended period of gains and now a quick decline to multi-day lows, this appears like it should lead to opportunity for the Precious metals bulls sometime this week. SLV0.30%  and SILJ0.00%  along with GLD0.45%  and IAU0.51%  and Gold miners GDX0.53%  should be considered attractive to own this week on a bit more weakness.

Hope everyone had a wonderful Thanksgiving Holiday- Precious Metals providing some early morning gains this week and Gold surging to highest levels since this past Spring- As discussed in my pre-Thanksgiving report last Tuesday, this rally back to new all-time highs should be underway and both Gold and Silver are attractive for gains into year-end- Gold stocks likeNEM-1.11%  andGOLD-0.75%  and GDX set to close at the highest levels since early October- Given the stallout in stocks like NVDA, AAPL, GOOGL of late, precious metals might very well outperform Large-cap Tech over the next few weeks- GLD0.45%  andIAU0.51%  are ETF vehicles for Gold, whileSLV0.30%  is the IShares Silver ETF

Daily cycle composites for Gold suggest that lows should be near. DeMark-based exhaustion signals are now in place for both GDX and GLD0.45% . However, in recent years, Gold has often traded inversely proportional to Treasury yields, and it's thought that a downturn in TNX might be necessary before Gold can start to "shine" again.