EUR 218.88 For Business Accounts Only

COMMODITIES OUTLOOK - Gold Miners Under Siege as Bullion Holds Up

In This Edition: There are disparate intermediate-term Elliott Wave pattern developments between underlying commodities and their equity counterparts. Many are continuing the 1^st phase/wave of major uptrends that began last year whilst others have already completed a corrective 2^nd phase/wave and are resuming higher in the preliminary stages of a 3^rd event. There are commonalities though – as there is a medium-term positive correlation between the underlying commodities and related equities, one common denominator that each share is a positive uptick that lasts another month or two, but then all synchronise to begin some form of counter-trend decline that is forecast to last for a few months. This translates into our expectancy that the highest prices for this year will occur in the next 4-8 week period. The only exception could be precious metals but only in the case where the resumption of the uptrend after the 1-2 month correction will undoubtedly see higher-highs throughout the remainder of the year. Although this report does not include analysis of the US$ dollar, it does feature in our monthly EW-Navigator report – we expect the US$ dollar to stretch higher over the coming month or two, but then complete its 8-year advance, turning lower to begin a sustainable decline.