Short term Gold/GDXJ/JNUG has a chance to rally (like it is today some it seems) whether it be for temporary $USD weakness or for short covering reasons. However longer term I personally am bearish Gold in the current bullish stock market, strong $USD, & interest rate increasing environment.
If the stock market & economy stay bullish for a couple years yet or more in terms of trend, we could easily see a re-test of 1040 area lows on Gold or down toward 900-1,000 before it finally bottoms (and Silver @ 9-11 area).
In the Short term Gold/GDXJ/JNUG has a chance to rally (like it is today some it seems) whether it be for temporary $USD weakness or for short covering reasons. However longer term I personally am bearish Gold in the current bullish stock market, strong $USD, & interest rate increasing environment.
If the stock market & economy stay bullish for a couple years yet or more in terms of trend, we could easily see a re-test of 1040 area lows on Gold or down toward 900-1,000 before it finally bottoms (and Silver @ 9-11 area). This behavior with precious metal cycles has repeated itself in the past when we had long extended Bull stock markets & similar set ups with interest rate increases & $USD strength where the metals had decade or longer downtrends & actually saw the bottoms toward the end period of a long bullish stock market cycle.
It's only been 7 years since Precious metals peaked (2011) & started downward in a new Bear market. The last time we had a comparable period & circumstances like this was the 80's thru nearly 2000 & Gold/Silver saw their lowest in late 90's at the latter stage of that Bull Stock market cycle.
If the stock market & economy stay bullish for a few years yet (& many predictions are set for 5 yrs yet) or let's just assume half that at just 2-3 years yet along with a Fed that continues to increase rates at pace of inflation & with a Presidential administration that continues to have moves that turn out to be very strong for the $USD, then precious metals definitely have a good chance of dropping a couple more years yet (above excludes any major geopolitical apocalypse or catastrophe in the world, which is not very likely to happen)
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