Gold & Silver Reinforce Targets
Gold & Silver Reinforce Targets;
Drop into Early-Oct. on Track…
Weekly Trends Focus on Oct. 6!
09/20/17 Weekly Re-Lay Alert – Gold & Silver Deflate as Dollar Stabilizes:
“Gold & Silver have dropped sharply, testing & breaking their weekly HLS levels last week as both turned their daily & intra-month trends down. This action validates multiple 1 – 3 month (or larger) factors pinpointing early-Sept. for a multi-week – and possibly a multi-month – high in Silver (by Sept. 7). That was corroborated by Silver’s weekly 21 MAC, which remained in a downtrend – applying pressure.
Gold & Silver could retrace into Oct. 9 – 13, the next phase of the ~30-degree cycle that timed the recent high, a 3-month/~90-degree high-low-(low) Cycle Progression & a 50% correction in time (2 months up/1 month down).
The weekly trends are likely to play a key role in determining if/when the next intermediate low is most likely. For now, Silver is approaching its latest weekly HLS (16.970/SIZ), where it could find some initial support. However, now that it has set new intra-month lows after mid-month, Silver could drop to monthly support before finding some stability.
The XAU reversed lower & dropped sharply after attacking the combination of weekly LHRs that projected an intermediate high.
Based on daily & weekly cycles, the XAU was capable of providing dual fulfillment – setting a peak at the beginning of this pivotal period (Sept. 8/11) – the latest phase of a 60-degree/2-month low-low-low-high Cycle Progression – and a multi-week low near the end of that 2-week period – by/on Sept. 21/22.
It is fulfilling that potential and has just attacked its initial downside target remains around 85.00–85.30, where monthly support, monthly 2nd Close Support, weekly 21 High MAC & 21 Low MARC support & a 50% retracement all converge.
A low in the coming days would perpetuate a ~19-week high-low-low-(low) Cycle Progression and an intervening 9 – 10 week low-low-(low) Cycle Progression. That would likely usher in a 1 – 2 week period of consolidation..”
Gold & Silver fulfilling outlook for multi-week correction into early-Oct. Weekly trends arguing for low around Oct. 6. Cycles corroborate that, reversing back up on Oct. 9 – 13. XAU (gold stocks) should drop sharply into Sept. 22 and then consolidate.
See Weekly Re-Lay & INSIIDE Track for additional analysis and/or trading strategies.