Gold & Silver Fulfill Spike Highs
07/02/16 Weekly Re-Lay:
“Gold & Silver remain positive with Silver surging to new highs even as Gold remains below the level of its June 24th peak. That completes 2Q 2016 – a 3-month period that was forecast to be very volatile with multiple advances (in April and then June).
The action of the first half of 2016 has provided powerful confirmation to the overall outlook – not only for 2016 but also for 2016–2018…
On a near-term basis, Gold surged right to its weekly LLH objective – created by its late-May low (and its Dec. ‘15 bottom). The difference between the two lows (1201.5–1046.2 = 155.3) is added to the level of the second low (1201.5/GC) to produce the next upside target following that low (1201.5 + 155.3 = 1356.8/GC objective).
That LLH objective closely aligned with Gold’s 2-year high (from July 7–11, 2014) near 1350.0/GC… providing not only a 1–2 month target but also 6–12 month resistance. Gold spiked up to 1362.6/GCQ on June 24th, testing that target. It would have to give a daily close above 1362.6/GCQ to extend this rally.
Silver just completed successive, equal rallies in time and has the potential to perpetuate the month-opening (~30-degree) cycle that has governed it since March (low-low-high-low-high Cycle Sequence). It attacked its weekly LHR …warning of an impending, intermediate top.
The XAU remains in an all-out uptrend and broke out of its recent congestion to the upside. It would remain positive until a daily close below xx.xx. [reserved for subscribers only]”
Gold & Silver reaffirming 2016 ‘Roadmap’ for multiple surges into mid-2016 followed by sharp drop in 3Q 2016. Specific downside targets beginning to take shape & could provide next ‘Golden’ buying opportunity… later this year.