Silver Retests 18.50 Resistance
03/08/17 Weekly Re-Lay Alert – Gold & Silver Join/Validate Gold Stocks:
“Gold & Silver have sold off sharply after Silver was able to stretch its advance into March 1st, setting its highest daily close on that day. In doing so, Silver spiked above 18.500/SIK – perpetuating the 2.50 point trading ranges that have governed its movement for the past 2–3 years. In the past 12–18 months, that has provided the parameters for moves to and from ~13.50, ~16.00, ~18.50 & ~21.00/SI…
That peak – which perpetuated an ongoing ~4-month cycle – projects focus to early-July for the next corresponding peak. In the interim, early-May remains a critical intermediate cycle low, in sync with related XAU cycles.
On a near-term basis, Gold has a combination of a 25–28 trading-day high-low-low-(low) and a 13–14 trading-day low-low-(low) Cycle Progression coming into play on March 7–9th, when an initial low could take hold…
The XAU has dropped sharply after fulfilling intermediate cycle highs that converged on Feb. 8–10th. It maintains the potential for an overall drop into early-May 2017, the next phase of a 19-week high-low-(low) Cycle Progression.
The XAU has neutralized its weekly uptrend twice and needs a weekly close below [reserved for subscribers] to reverse that trend back down (and join the prevailing monthly downtrend). It has just closed below its year-opening low, two days in a row, providing another level of bearish confirmation for the intermediate trend.”
Gold, Silver & Gold stocks are reinforcing the outlook for coming months. Intermediate low expected in coming days, after which Gold & Silver could rally to new intra-year highs even as Gold Stocks rebound to lower highs. See Weekly Re-Lay & INSIIDE Track for additional details.