Gold & Silver Focused on Oct. 5 – 6
Gold & Silver Focused on Oct. 5 – 6;
Weekly Trends Set Stage for Low…
Gold Stocks (XAU) Concurs.
09/30/17 Weekly Re-Lay:
“Gold & Silver have dropped sharply after confirming multiple factors that pinpointed early-Sept. for a multi-week – and possibly a multi-month – high in Silver (by Sept. 7).
They have since declined – on their way to a potential intermediate low in the first half of October…factors that could produce that low as soon as the coming week. The first is the weekly trend in Silver, which is up with two neutral signals against it. That sets the stage for a low in either of the coming weeks.
The second is a 12-week high-low-(low) Cycle Progression that comes into play on Oct. 2 – 6. A low on Oct. 2 – 6 would also complete a 50% correction in time (8 weeks up/4 weeks down). [In addition, if Gold sets a low on Oct. 2 – 6, it would project an ensuing ~12-week advance into late-Dec. – the convergence of monthly cycles described in the Oct. 2017 INSIIDE Track.]
From a daily perspective, Oct. 5 – 10 is the ideal time for this low – so it could occur in either week.
The XAU fulfilled its potential for a sharp drop from Sept. 8/11 into Sept. 21/22 and down to 85.00–85.30 – where monthly support, monthly 2nd Close Support, weekly 21 High MAC & 21 Low MARC support & a 50% retracement all converged.
That was expected to usher in a 1 – 2 week period of consolidation, which has been unfolding, before another potential low (or even just a brief spike down) leading into Oct. 5 – 13.
The coming week is critical for gold stocks…the XAU should NOT give a weekly close below 84.38 if it is to maintain any potential to enter a new wave higher in 4Q 2017…
Gold & Silver dropped sharply and could extend this overall correction into Oct. 5 – 10, the combination of daily & weekly cycles. The new intra-month trend should help identify if/when a multi-week low is taking hold. That also corroborates the potential for a low around Oct. 5 – just after the first 3 trading days of the month.”
Gold & Silver fulfilling outlook for multi-week correction into early-Oct. Low most likely on Oct. 5 or 6. Silver maintains downside target range at 16.265 – 16.390/SIZ. Other factors setting up for Oct. 9 – 27 that could/should reinforce this technical outlook.
See Weekly Re-Lay & INSIIDE Track for additional analysis and/or trading strategies.