Gold Targeting Sharp 2–3 Week Drop!
04/20/17 INSIIDE Track Intra-month Update:
“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 just turned its daily & intra-month trends down, signaling an intermediate peak.
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). A daily close below 85.26/XAU is needed to turn the daily trend down and validate this scenario.
One factor that could create a subsequent spike low (later in May) – or double bottom – is the 11-week low-low-low-(low) Cycle Progression that helped pinpoint the March low and projects a subsequent low around [reserved for subscribers].”
Gold, Silver & Gold Stocks confirming mid-April peaks & reversals lower, projecting sharp drops into early-May. Gold developing heightened synergy of downside targets – at 1223.4–1230.3/GCM – that could be tested in late-April & should be tested by/on May 5th… in line with the 19-week Cycle Progression. Gold stocks reinforcing divergence and should drop to new intra-year lows during this decline.
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).