There appears to be upside by Dec 27th for both Silver (red line target) and Gold. However, the cycle analysis indicates extreme weakness in the S&P starting from Dec 28th to the 30th, and continuing into January 6th. This market-wide weakness likely will also initially manifest in late December in the Gold and Silver markets causing some weakness amid forced liquidations and panic.
So while the recent bottoms for Gold and Silver are likely to be retested, and probably undercut slightly in late December, the charts are super bullish into early 2012 for both metals.
The move higher in January is slower for Silver initially than Gold, but while Gold rises steadily, Silver finishes with a parabolic rise to $37 for the Silver futures!
Gold target is $2,050.00