Gold & Silver Bullish
05/17/17 Weekly Re-Lay Alert:
“Gold & Silver rallied sharply after pulling back & fulfilling the downside objectives for a multi-week decline following Silver’s weekly Turn-Key Reversal & 2 Close Reversal sell signals triggered on April 21st.
Those signals projected drops into May 8–12th, combining with a 20-week high-low-(low) Cycle Progression in Silver (similar to 19-week cycle in XAU) to project an intermediate low last week.
While fulfilling that, Silver tested & held its intra-year support – as well as its ~2.50 pt. range-trading target (16.00/SI) – before bottoming.
The weekly trend patterns validated the potential for multi-week bottoms, turning neutral twice but not (yet) turning down as they dropped into May 8–12th. That was expected to prompt a new 1–3 week rally, which is well underway.
Gold reinforced that support by remaining in an intra-year uptrend and never providing a weekly close below 1224.4/GCM. It maintained its weekly 21 MAC uptrend and also reinforced its weekly 8 MAC uptrend by rallying above 1256.4/GCM this week…
The XAU has rebounded since bottoming on May 4th, in line with its 19-week high-low-(low) Cycle Progression and a test of 2–3 month support.
It turned its daily trend up, after attacking its weekly LHR (intra-week extreme upside target) last week – a signal that portends a 1–2 month peak in the ensuing week(s).
It is attacking monthly resistance (87.79–88.61/XAU), increasing the potential for a multi-week peak near current levels.”
Gold & Silver are reinforcing signals that project a surge into early-June… even as the XAU is signaling an impending peak & reversal lower. Divergence continues to unfold and should remain in force into 3Q 2017.
See Weekly Re-Lay & INSIIDE Track for more specific expectations, targets & trading strategies.