Gold, Silver, XAU Confirm Peak
04/19/17 Weekly Re-Lay Alert:
“Gold & Silver reversed lower right after fulfilling all of the 2–4 week upside potential with Gold attacking monthly resistance (1284.2–1298.5/GCM) while Silver spiked to new intra-year highs and its upside LLH objective (18.635/SIK), fulfilling its weekly trend pattern.
That set the stage for a larger-degree pullback, with focus on an increasingly-synergistic support level in Gold. That support is at 1223.4–1230.3/GCM and includes the latest 3 weekly HLS levels, the weekly 8 Low MARC, weekly 21 High MARC & year-opening range high (resistance turned into support). This week’s low could corroborate that range.
It is conceivable that Gold, if it turns its daily trend down this week, could reach that support by month-end. Gold has neutralized its daily uptrend once while Silver has done that twice. Silver needs a daily close below 1806.5/SIK to reverse that daily trend to down & confirm an intermediate top.
The XAU is plummeting after spiking up to 2–3 month resistance at 89.72–90.03/XAU and holding its weekly trend-neutral point. That was expected to lead to another drop into May 2017– with an intermediate low possible as soon as early-May (19-week cycle)…”
Gold, Silver & Gold Stocks signal reversals lower & project sharp drops into late-April/early-May. Gold stocks reinforcing divergence and could reach critical levels during this decline. See Weekly Re-Lay & INSIIDE Track for additional details on larger-degree cycles that could extend these anticipated sell-offs.