Gold & Silver Reach Downside Targets
Gold & Silver Reach Downside Targets;
Complete ‘II’ Wave Correction…
2017 Poised for Bull Market’s Next Phase.
01/07/17 Weekly Re-Lay: Gold & Silver have rallied after reaching decisive 3–6 month downside targets, reinforcing cycles that bottomed in 4Q ’16. Silver spiked below 16.000/SIH, completely fulfilling its projected downside target from early-Aug.
In the case of Gold, it reached the second (more extreme) downside target – fulfilling a textbook ‘2’ or ‘B’ wave decline, retracing .786 (2DGR) of its ‘1’ or ‘A’ wave advance. On a contract basis, that downside target came into play at 1126.2/GCG. That coincided with Gold’s January (2016) high – pivotal intra-year uptrend support – at 1126.3/GCG.
Both have rebounded with Silver turning its daily trend up & Gold twice neutralizing its daily downtrend. It would take a daily close above 1186.0/GCG to reverse that trend to up…
The XAU has surged since fulfilling expectations for a multi-month low in Dec. – when longer-term cycles converge. On a longer-term basis, Gold stocks fulfilled what has been forecast since late-2015 – when they were expected to see a ~6-month surge in 2016 but then drop sharply into Dec. 2016, when an uncanny 8-Year Cycle recurs.
A low in Dec. 2016 would also fulfill a 3-year high (Dec. 2010)–low (Dec. 2013)–low (Dec. 2016) Cycle Progression.
On a weekly basis, the low on Dec. 15–22nd fulfilled analysis for the completion of a .618 retracement in time while perpetuating the ~6-week high-high-high-(low) Cycle Progression that helped pinpoint the early-Nov. rebound high.
It dropped right to monthly support (in Dec.) – at 70.67–72.05/XAU – and immediately turned higher…The XAU could surge as high as ~92.50 – the monthly LHR for January – as part of this overall advance (if that does not occur in the coming days, it could wait until later in January to be attained).
3–6 month & 6–12 month traders & investors could have entered new long positions in Silver [reserved for subscribers; FUTURES TRADING INVOLVES SUBSTANTIAL RISK!].”
Gold, Silver & XAU fulfill analysis for drop into – and critical bottom in – late-2016, the projected ‘II’ wave pullback in a developing bull market (see Jan. ’17 INSIIDE Track for details & related diagram). Gold is expected to now undergo a 3–4 month rally followed by a 1–2 month pullback into another higher low (‘2’ of ‘III’ wave low) in mid-2017. Following that next (ascending) low, cycles turn more bullish in 3Q 2017 and are expected to spur a more convincing advance – stretching into 2018.
See 40-Year Cycle: Golden Years Reports for details on outlook into 2018 (and beyond).