Gold & Silver Confirm Low
03/15/17 Weekly Re-Lay Alert:
“Gold & Silver are rebounding after twice neutralizing their weekly uptrends and ushering in the time when a bounce became likely. Combined with daily cycles and the XAU weekly trend pattern, that action projected a rebound… and has been corroborated by the action of today – a type of ‘buy the fact’ after ‘selling the expectation (‘rumor’)’ leading into today’s Fed rate hike.
Gold & Silver could wait as late as March 27th – the next phase of a developing 1-month low (Jan. 27)–high (Feb. 27)–high (March 27th) Cycle Progression – to set a high. If that is going to be the case, they would need to turn their daily trends up in the coming days.
The XAU was expected to see a 1–2 week rebound after turning its weekly trend down (which usually spurs a reactive, 1–3 week bounce) & dropping to new 2017 lows but preventing the intra-year trend from turning down.
By precisely testing & holding monthly support & the monthly Raw SPS (77.81/XAU; intraday low was 77.62 with the lowest close at 78.01/XAU), and then quickly turning its daily trend back up, the XAU projects a rally to new intra-month highs with 1–2 week resistance at 87.40–88.21/XAU. (87.40 is a 50% rebound while 88.14–88.21/XAU = weekly 21 High MARC for March 13–24th.)
This remains in the context of a larger-degree decline that could last into early-May 2017, the next phase of a 19-week high-low-(low) Cycle Progression. A secondary peak could take hold at the mid-point of this expected decline (~March 20–24th) and create a corroborating high-high-(low) Cycle Progression.”
Gold, Silver & the XAU Index are validating analysis for a multi-week rebound following key signals triggered on March 10th. This rebound – at least in the actual metals – is looking like to stretch into March 27th, when they will subsequently enter a decisive period. If they have not reached upside objectives (new 2017 highs in Gold & Silver; 87.40–88.21/XAU) by then, additional upside would be likely but might necessitate an intervening pullback. See Weekly Re-Lay & INSIIDE Track for additional details.