Gold & Silver Confirming Cycles
04/22/17 Weekly Re-Lay:
“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 now on an increasingly-synergistic support level in Silver…around [reserved for subscribers]…
That range is at [reserved for subscribers] and includes the latest 2 weekly HLS levels, the weekly 21 High MARC & where the current correction would equal the magnitude of the preceding correction. A .618 retracement – of the entire 2017 rally – sits just below that narrow range.
…Silver is reinforcing its relative weakness after just retesting its recent high & failing. Consequently, it created a weekly 2 Close Reversal lower while culminating a weekly Turn-Key Reversal pattern that unfolded the past 3 weeks.
At the very least, that should spur a drop to a weekly HLS level and/or to monthly support (now that Silver has again turned its intra-month trend down). Both of those objectives would be met if Silver drops to [reserved for subscribers] in the coming week.
The XAU initially plummeted 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… [reserved for subscribers]…”
Gold, Silver & Gold Stocks are powerfully reinforcing the outlook for April 2017… as well as the overall outlook for 2017. They are poised to drop sharply after signaling reversals lower in mid-April. Gold stocks remain the weakest – for multiple reasons – and should see accelerated selling in near-term. See Weekly Re-Lay & INSIIDE Track for additional details.