Gold & Silver Complete 4-Month Rally
04/28/17 INSIIDE Track:
“Gold & Silver rallied for 4 months (the most frequently recurring cycle in precious metals throughout the past three years) since fulfilling analysis for a sharp drop into late-2016 – the ‘2’ wave decline of what is expected to be a multi-year advance.
In April, they fulfilled all of their intermediate upside potential with Gold attacking monthly resistance (1284.2–1298.5/GCM) as Silver spiked to new intra-year highs and its upside LLHobjective (18.635/SIK). Once again, Silver was contained by its recurring ~2.50 point range movements – topping very close to related resistance at 18.50/SI.
Gold then dropped to its weekly HLS (1260.1/GCM) while Silver is expected to undergo a larger-degree correction, with focus on an increasingly-synergistic support level – right around [reserved for subscribers]…
This latest decline comes after Silver retested its intra-year high & turned right back down. Consequently, it created a weekly 2 Close Reversal lower (4/21) while culminating a weekly Turn-Key Reversal pattern from the preceding 3 weeks.
From a cyclic perspective, weekly cycles are focused on early-May for a corrective low… at least an initial one. However, there remains another key cycle that has been in focus all year and was included in the January discussion on Gold’s general outlook for 2017…
In that outlook, Gold was projected to enter a 3–4 month advance to begin 2017… and then correct into mid-2017. The greatest synergy of weekly & monthly cycles surrounding mid-2017 have been – and are increasingly more so – located near mid-June 2017. [reserved for subscribers]…
At least in the case of Silver, its relative weakness – on a 3–6 month basis – argues for a final corrective low to wait until [reserved for subscribers].”
Silver’s April 21st weekly sell signal (Turn -Key AND 2 Close Reversal sell signals) confirmed multi-week (multi-month?) peak and projects lower prices into May 3–12th. Gold remains on track for initial drop to 1223.4–1230.3/GCM but has not yet turned its daily trend down.
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).