Gold Stocks Fulfilling Bearish Outlook
04/28/17 INSIIDE Track:
“The XAU plummeted after spiking up to 2–3 month resistance at 89.72–90.03/XAU and holding its weekly trend-neutral point – powerfully reinforcing the prevailing weekly (and monthly) downtrend and projecting a new wave down.
That was/is still expected to lead to another drop into May 2017. A monthly close below 83.77/XAU would reinforce that scenario, completing a monthly 2 Close Reversal Combo sell signal after attacking its monthly LHR in early-April.
The combination of monthly & weekly downtrends – with this developing signal (if it reaches fruition) – could extend this decline beyond May 2017… and into the ensuing convergence of weekly cycles in [reserved for subscribers]. (A weekly close below 79.45/XAU is necessary to confirm that.)..
That is exactly when the aforementioned ~9-week (64-day) high-high-(low) Cycle Progression reaches fruition as well.
Based on multiple wave relationships (& projections), as well as the monthly 21 MARCs & related indicators, the XAU could drop as low as [reserved for subscribers] during this next leg down. The price action of the coming weeks should help to hone that to a tighter target range.”
Gold Stocks (XAU & HUI Indexes) reinforcing outlook for sharp decline from Feb. 8–10th cycle high into May 3–10 cycle low. Drop below 77.62/XAU needed to fulfill (and could coincide with Gold fulfilling projection for initial drop to 1223.4–1230.3/GCM). Weekly trend indicator could presage another drop… after intervening bounce.
See Weekly Re-Lay & INSIIDE Track for additional details on larger-degree cycles that could extend these anticipated sell-offs, in line with 2017 outlook (discussed in January 2017 INSIIDE Track).