Gold & Silver Fulfill Upside
09/10/16 Weekly Re-Lay:
“Gold & Silver fulfilled intermediate expectations for a sharp drop into late-August – and down to 1–2 month targets – and an ensuing rally into early-Sept. That was/is expected to set the stage for another drop, potentially lasting into early-October.
Gold spiked up to a combination of weekly LHRs at 1347–1357.1/GCZ (extreme intra-week upside objectives) and attacked monthly resistance as Silver did the same.
In the process, Gold twice neutralized its daily downtrend and both metals rebounded enough to neutralize their 1–2 month downtrends. They would not, however, turn them positive until daily closes above 1357.2/GCZ & 20.22/SIZ.
If, after fulfilling the potential for a rebound high this past week, Silver now makes it back down to new lows – it would reinforce a slightly larger-degree cycle scenario in which Silver (and likely Gold) see an overall correction into Nov. 2016 before a Major (secondary) low takes hold…
The XAU fulfilled analysis for a rebound into Sept. 7–14th before a new leg down becomes more likely. It peaked on Sept. 8th and began a new leg down, expected to last into late-Sept./early-Oct. – the next phase of a ~4-month (16–19 week) high-high-low-low-low-(low) Cycle Progression.
That would also perpetuate an over-arching, 36-week high-low-(low) Cycle Progression. A test of78–83.00/XAU is possible in that time frame…
Gold & Silver fulfilled projections for a sharp drop into late-August followed by a rebound intoSept. 6–9th. They are poised to resume their downtrends and could see another drop into early-October.”
Gold, Silver & XAU poised to re-enter multi-month declines after Gold & Silver rebounded to resistance at 1345.1–1364.3/GCZ & 19.94–20.52/SIZ. New wave down should last into early-October – with Gold’s downside target for that period at 1260.0/GC.
Additional drop – into November 2016 – likely. See publications for additional analysis & trading strategies. Also, see 40-Year Cycle: Golden Years & 2016 – The Golden Year Reports for details on outlook for late-2016 into 2018 (and beyond).