Gold & Silver Reinforce Early-July Peaks
07/16/16 Weekly Re-Lay:
“Gold & Silver rallied into mid-2016 and are showing preliminary signs of reversing lower. Traders should be holding partial Gold & Silver longs from mid-Dec., w/open gains…
Gold & Silver remain positive after completing a very bullish first half of 2016 – The Golden Year. From an overall standpoint, that fulfills analysis for an initial advance into mid-2016 (to be followed by a secondary low in late-2016, and then a more sustained & pronounced advance in 2017–2018).
In and of itself, that does not signal a top. It does provide crucial fulfillment and validation of the 2–3 year outlook…From a price perspective, in the days following Brexit Silver entered a parabolic surge toward its monthly LHR (extreme upside target for June) of 21.19/SIU. It took two additional days (beyond the end of June) for Silver to reach this key objective – spiking up to 21.225/SIU – from which it has pulled back.
That took place immediately after Silver spiked up to its weekly LHR (on July 1st) and held that level – portending a final spike high in the ensuing week. On the same day (July 1st), Silver spiked up to its daily LHR and held that level – portending a final spike high in the ensuing day.
So, on multiple levels, Silver reached extreme upside objectives in the first two days of July – ushering in the ideal scenario for a blow-off top. However, Silver would not validate that until (at the very least) a daily close below xx.xxx/SIU. [reserved for subscribers only]
In the meantime, Gold neutralized its daily uptrend multiple times and closed the week just above pivotal support. It needs a daily close below xxxx.x/GCQ to turn its intra-month trend down & a daily close below xxxx.x/GCQ to turn its daily trend down. [Specific trigger levels reserved for subscribers only.]
If these unfold in the coming week, it would confirm that (at least) a 2–4 week top is in place.
The XAU remains in an all-out uptrend and quickly surged to 1–2 year resistance (105–107.50/XAU). Similar to 6 months ago, the XAU turning points are delayed from Gold. This could allow for a final spike in the coming week – ~180 degrees from the XAU low of Jan. 19th.
3–6 month & 6–12 month traders and investors should be holding partial (~50%) long positions in Gold & Silver from mid-Dec. (~1046–1076/GC & 13.62–13.88/SI)…
Gold & Silver are showing mild signs of topping at the start of a new month & quarter – a pivotal time for their ~6-month & ~1-month uptrends.
It would take daily closes…below xxxx.x/GCQ & xx.xxx/SIU [reserved for subscribers only] to signal that a 2–4 week (or longer) peak is intact.”
Gold & Silver increasing potential for early-July (intermediate) peak and subsequent correction… reinforcing outlook & Roadmap for ‘2016- The Golden Year’. Sept.–Nov. 2016 = decisive phase in overall Roadmap.