Gold, Silver & XAU Completing Drop
07/08/17 Weekly Re-Lay:
“Gold & Silver did resume their declines on July 3rd and plummeted to new multi-week lows with Silver dropping to new intra-year lows – in what could be an overall decline back to its late-2015 bottom (see July 2017 INSIIDE Track).
This sell-off quickly confirms the negative monthly 2 Close Reversal signals generated in Gold & Silver that could pressure prices for another month or two (on balance). That was corroborated by Gold & Silver reversing their weekly trends back down.
Gold fulfilled most of what was expected for early-July, entering a new decline, bouncing for 2 days from 1220/GCQ initial support, and then resuming that decline on its way to the projected spike low on/around July 10th, the latest phase of a ~2-month/60-degreee low (March 10)–low (May 9)–low Cycle Progression.
A low on July 10–12th would also perpetuate a 17–19 day high-high-high-(low) Cycle Progression in Gold. That would arrive at the midpoint of the 20-week high-low-low-(low) Cycle Progression in Silver.
Gold & Silver both reached the convergence of multiple weekly HLS projections (1199.2–1213/GCQ & 1534.5–1573.5/SIU), fulfilling intra-week extreme downside targets and setting the stage for a multi-week low in the near future.
If Gold & Silver set an initial (1–2 or 2–4 week?) bottom in the coming week, they could rebound into the latest phase of the 7-week high-high-high-(high) Cycle Progression that precisely timed the early-June peak & reversal lower – and comes back into play on July 24–28th.
That potential is reinforced by the weekly trend pattern (that could spur a 1–3 week bounce).
The XAU remains on track for an overall decline into early-August. It spiked to new 6-week lows while fulfilling the daily trend pattern, triggered a 1–2 day bounce, and then resumed the decline that could produce another low on July 10–12th.
That would then set the stage for a 3–5 day bounce into July 17th/18th – the next phase of a 20-21 day high-high-high Cycle Progression when a lower high has been anticipated.
If the XAU is able to follow that short-term scenario, it would increase the potential for a subsequent drop into ~August 7–8th – the ensuing phase of that 20–21 day cycle AND the convergence of weekly cycles when an intermediate bottom is most likely…
Gold & Silver are fulfilling analysis for another decline from July 3rd into July 10th and could set a 1–2 week low as early as Monday. The new intra-month trends have corroborated this early-July outlook, turning down and projecting a drop to monthly support. That is now being tested in both metals.”
Gold, Silver & XAU fulfilling projections for sharp drop from June 23/26th into July 10th. Silver validates renewed weakness (see July 2017 INSIIDE Track) with sharp drop in early-July. Both Gold & Silver reach extreme downside targets (weekly HLS levels at 1199.2–1213/GCQ & 1534.5–1573.5/SIU) and monthly support – strengthening argument for July 10th low & reversal higher. Rebound objectives taking form…
See Weekly Re-Lay & INSIIDE Track for additional analysis and/or trading strategies.