Gold & Silver Marking Time
10/15/16 Weekly Re-Lay:
“Gold & Silver bounced after fulfilling projections for another sharp drop into early-Oct. & to crucial targets. A final decline is expected to take metals lower into Nov…
Gold & Silver fulfilled the latest phase of the 3–6 month outlook, which called for another drop (the third since early-July) into early-October… and down to at least ~1260.0/GCZ (on its way to ~1220/GC). Gold came within a few dollars of testing its monthly HLS at ~1238.0/GCZ (extreme intra-month downside objective for October)…
The overall outlook remains for lower prices into Nov. 7–18, 2016 – when Silver has the greatest synergy of cycles converging. See the October 2016 INSIIDE Track for more details.
Gold corroborates that with an 8–9 week high-high-high-high-high Cycle Progression …Oct. 31–Nov. 11, 2016.
While ~1220.0/GC remains the primary, 3–6 month downside target for this decline (stemming from the early-July peak), downside momentum could easily carry Gold below that level – even if only for an intraday or intra-week spike low.
The May 2016 low of 1207.0/GCZ provides key 3–6 month support and is reinforced by the March 2016 low (1213.1/GCZ), weekly 21 Low MARCs, the weekly HHS & a 50% retracement of the entire 1st wave advance – creating a powerful range of support at 1207–1218.5/GCZ.
3–6 month & 6–12 month traders should [reserved for subscribers only].
The XAU fulfilled its early-Oct. downside objective (78–83.00/XAU) and has consolidated since perpetuating a 16–19 week high-high-low-low-low-(low) Cycle Progression AND a ~36-week high-low-(low) Cycle Progression.
That weekly trend reversal portends more downside – in the near future – once this consolidation has run its course. Until a daily close above [reserved for subscribers], this Index is in a downtrend that could resume at any time…
Copper has pulled back after turning its weekly trend up, neutralizing that weekly trend in the process. It could set a secondary low in the coming days, perpetuating the ~30-degree high-low-low-(low) Cycle Progression (and related geometric cycles) that timed the mid-Sept. low…It should not close below its Sept. lows if Copper is going to fulfill the potential for a multi-quarter advance.”
Gold & Silver consolidating before decline resumes – expected to drive them lower into Nov. 7–18, 2016 and down to 1220.0/GCZ & ~16.000/SIZ. Copper is providing textbook pattern for MAJOR bottom & subsequent surge into early-Nov. 2016. 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).