Precious Metals Market Sees Mid-Cycle Correction Before New All-Time Highs

The precious metals market is experiencing a mid-cycle correction, as forecasted by some analysts. The gold price has been pulling back since mid-year and is expected to reach ideal support around $4,150 (+/- $50) in the coming weeks.

Friday's better-than-expected payroll numbers are likely to keep downside pressure on metals, which could intensify if next week's CPI print comes in hotter than expected. Silver prices are also undergoing a standard 1-2 week pullback and may test support around $60.00.

The platinum market is poised to dip to support between $1,650 and $1,700 as we head into the September 16 Fed announcement. Miners, represented by GDX, are setting up for a textbook three-wave pullback into key support at the crossover of the 50- and 200-day moving averages.

Bitcoin surged 25% in August but may have reached an interim cycle peak on September 3rd. A close below $75,000 could support renewed weakness into mid-November, potentially pushing prices to fresh lows before the four-year cycle officially bottoms in Q4.