Gold & Silver Poised for Pullback
04/15/17 Weekly Re-Lay:
“Gold & Silver have now fulfilled almost all of the 2–4 week upside potential with Gold spiking above 1284.0/GCM while reaching monthly resistance (1284.2–1298.5/GCM). At the same time, Silver has spiked to new intra-year highs, fulfilling its weekly trend pattern.
Silver reinforced that target with its recent 17.735/SIK low (set while twice neutralizing its daily uptrend, but NOT turning that trend down), creating a short-term, upside LLH objective at 18.635/SIK. It could spike as high as its monthly resistance…
With these upside expectations now being fully met, and Silver again bumping up against 18.50/SIK, a pullback becomes more likely…
The XAU projected an extension to this rebound, following Monday’s spike low and daily 2 Close Reversal buy signal. That allowed the XAU to fulfill all of the (multiple) upside targets & to attack April’s monthly resistance (87.93–89.27/XAU).
It surged right to its weekly trend point & initially reversed lower – reinforcing the weekly downtrend. It needs a daily close below 87.50/XAU to give the first sign of a reversal lower and signal the onset of a ‘c’ wave decline.
From a cyclic perspective, the next multi-month low is still expected in May 2017 – ideally in [reserved for subscribers]…”
Gold, Silver & Gold Stocks poised for reversals lower after attacking monthly projected resistance & decisive upside targets. XAU signaling (another) sharp decline. See Weekly Re-Lay & INSIIDE Track for additional details.