Golden & Silver Remain Negative
08/13/16 Weekly Re-Lay:
“Gold & Silver remain below their early-July highs, potentially entering a ‘c’ wave decline after completing what was expected to be a ‘b’ wave bounce into early-August. Both metals spiked to new rebound highs on the 2nd trading day of the new month – perpetuating a ~30-degree cycle – and then sold off, corroborating that scenario.
The intermediate outlook for Gold & Silver has been to see a second sell off into late-August – the next phase of a ~90-degree cycle that has timed intermediate lows (in either Gold, Silver or both) in late-Nov. ’15, late-Feb. & late-May ’16.
Both metals provided textbook intra-week patterns to validate that forecast – rebounding into mid-week while testing & holding their month-opening ranges (support turned into resistance) and weekly resistance AND testing & holding their daily LHR levels (daily extreme upside objectives).
Silver also tested daily 21 MARC resistance and immediately reversed lower.
That led to a late-week sell-off, what is likely a ‘3’ of ‘c’ wave decline… the most likely wave to trigger an accelerated move down. I expect to see 1308.0/GCZ & 18.000/SIU tested in August, with the potential for additional downside…
As reiterated mid-week, Gold & Silver keep perpetuating geometric cycles, setting multiple intermediate highs during the first 1–3 trading days of the month. August 2nd reinforced that cycle and could produce a subsequent (lower) high around Sept. 1st (+ or – 1–2 trading days).
The more likely scenario (based on the greatest synergy of related cycles & indicators) would be for Gold & Silver to drop into late-August and then bounce to a lower high in early-Sept… before another drop (potentially lasting into early-October)… [reserved for subscribers only]…
3–6 month & 6–12 month traders and investors should be holding partial long positions in Gold & Silver (~25%) from mid-Dec. (~1046–1076/GC & 13.62–13.88/SI).
Hold these until [reserved for subscribers only].
Gold & Silver increasing likelihood for sharp drops into late-August and then again into early-October. However, overall drop is expected to last later into 4Q 2016. See publications for details.