Gold Stocks Fulfill Downside
Gold Stocks Fulfill Downside;
Gold & Silver Have More Downside.
09/23/17 Weekly Re-Lay:
“Gold & Silver have dropped sharply, confirming 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 negative pressure in early-Sept…
The weekly trends are likely to play a key role in determining if/when the next intermediate low is most likely. Silver has just neutralized its weekly uptrend while Gold has not. In the case of Gold, that means [reserved for subscribers]…
The XAU reversed lower & dropped sharply after attacking the combination of weekly LHRs that projected an intermediate high. That was expected to spur a sharp drop from Sept. 8/11 – the latest phase of a 60-degree/2-month low-low-low-high Cycle Progression – into Sept. 21/22.
It has fulfilled that initial potential and has also attacked its initial downside target (85.00–85.30) – where monthly support, monthly 2nd Close Support, weekly 21 High MAC & 21 Low MARC support & a 50% retracement all converged.”
Gold & Silver fulfilling outlook for multi-week correction into early-Oct. Silver developing key downside target range at 16.265 – 16.390/SIZ. Cycles corroborate that, reversing back up on Oct. 9 – 13. XAU (gold stocks) fulfill projections to drop sharply into Sept. 22 and then consolidate.
See Weekly Re-Lay & INSIIDE Track for additional analysis and/or trading strategies.