Gold & Silver Confirm New Surge
03/18/17 Weekly Re-Lay:
“Gold & Silver are rebounding after twice neutralizing their weekly uptrends and ushering in the time when a bounce became likely. That coincided with an 11-week low-low-low-(low) Cycle Progression in Silver on March 6–10th…
The Fed rate hike on Wednesday provided the fundamental validation factor to this analysis, triggering a textbook ‘buy the fact’ reaction after ‘selling the expectation (‘rumor’)’ had suppressed its price, leading into that rate hike.
To end the week, Gold re-entered its weekly uptrend and turned its intra-year trend back up. It needs a daily close above 1234.0/GCJ to turn the daily trend up and confirm an intermediate low…
The XAU was projected to see a 1–2 week rebound after turning its weekly trend down on March 10th (which usually spurs a reactive, 1–3 week bounce) & dropping to new 2017 lows but preventing the intra-year trend from turning down. That signaled a likely end to the initial wave down.
Reinforcing that potential low, the XAU perpetuated an 11-week low-low-low-(low) Cycle Progression while 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).
It then quickly turned its daily trend back up, projecting a rally to new intra-month highs…It would take a daily close above 85.59/XAU to turn the intra-month trend up and project further gains and a potential test of 1–2 week resistance at 87.40–88.21/XAU. (87.40 is a 50% rebound while 88.21/XAU is the weekly 21 High MARC for March 20–24th. 87.75/XAU is weekly 8 Low MARC resistance as well.)”
Gold, Silver & the XAU Index are validating analysis for a multi-week rebound following key signals & cycles triggered and/or fulfilling on March 10th. At the time, Gold & Silver triggered weekly trend patterns that project rallies to new intra-year highs… while the XAU held pivotal intra-year trend support and could surge above 88.00/XAU before this bounce reaches fruition. See Weekly Re-Lay & INSIIDE Track for additional details.