Gold, Silver & XAU Remain Negative
07/01/17 Weekly Re-Lay:
“Gold & Silver continue to accelerate their daily swings, fulfilling cycles projecting a low on June 20th and subsequent high on June 23/26. They then spiked to new lows and attempted to bounce. These cycles again turn negative in the coming days.
On a larger basis, Gold & Silver completed a monthly 2 Close Reversal lower that could pressure prices for another month or two (on balance). In the near term, Gold & Silver could see another sell-off into July 10th, once short-term cycles turn back down in the coming week.
That would perpetuate a ~2-month/60-degreee low (March 10)–low (May 9)–low Cycle Progression while also arriving at the midpoint of the 20-week high-low-low-(low) Cycle Progression in Silver. A low on July 10–12th would also perpetuate a 17-19 day high-high-high-(low) Cycle Progression in Gold.
The XAU fulfilled its daily cycles & reversed lower before being able to turn its daily trend up. As long as it does not give a daily close above 83.49/XAU, this Index remains poised for a drop to new lows…
Ideally, the XAU would set a lower high around July 17th/18th (the next phase of a 20-21 day high-high-high Cycle Progression) and then drop into ~August 7–8th when that cycle would project an ensuing low. Early-July action would need to validate that scenario.”
Gold, Silver & XAU (gold stocks) remain on track for latest drop – expected from June 26th until July 10th. Silver signaling renewed weakness (see July 2017 INSIIDE Track) that could be validated with sharp drop in early-July. Impending drop could break key support levels and extend to ?????…(watch convergence of weekly HLS levels AND monthly support!!!)…
See Weekly Re-Lay & INSIIDE Track for additional analysis and/or trading strategies.