Gold & Silver Confirming Peak

Gold & Silver Confirming Peak;
Multi-Week Drop Projected…
Early-Oct. = Pivotal Cycle Low.

 

09/16/17 Weekly Re-Lay:

 

“Gold & Silver reversed lower and dropped sharply, testing & breaking their weekly HLS levels as Gold turned its daily trend down and Silver twice neutralized its daily uptrend.  It would take a daily close below 17.630/GCZ to turn the daily trend down and daily closes below 1321.4/GCZ & 17.505/SIZ to turn the intra-month trends down.

On a larger-scale basis (3 – 6 months, 6 – 12 months and even 1 – 2 years), the action of July & August corroborates Gold’s overall outlook for another higher low in mid-2017 – following a secondary low in late-2016.  This series of ascending lows reinforces the bullish outlook.

With Gold exceeding its April & June ’17 peaks, it strengthens the case for a ‘3’ of ‘III’ wave advance unfolding – poised to move higher into the first part of 2018.  It also lends credence to the potential that Silver has set a ‘II’ wave low (since its mid-2017 low spiked below its late-2016 low, exhibiting more relative weakness than Gold) and is poised to see an overall advance from July 2017 into Feb. 2018 (see Sept. 2017 INSIIDE Track).

In contrast, the more recent action validates multiple 1 – 3 month (or larger) factors pinpointing the current period for a multi-week – and possibly a multi-month – high in Silver.  The initial drop is taking place in line with daily cycles but the overall correction could stretch into early-Oct.

The XAU reversed lower & dropped sharply after attacking the combination of weekly LHRs when an intermediate high is/was most likely.  As a result, it is on track to set a peak at the beginning of this pivotal period (Sept. 8/11) – the latest phase of a 60-degree/2-month low-low-low-high Cycle Progression – and drop sharply enough to also set a multi-week low on Sept. 18 – 22, the end of that 2-week period.

That would perpetuate a ~19-week high-low-low-(low) Cycle Progression. and an intervening 9 – 10 week low-low-(low) Cycle Progression.  The XAU remains below its Feb. ’17 high (which was well below its Aug. ’16 peak) and just turned its intra-year trend back to neutral.”

 

Gold & Silver fulfilling outlook for multi-week correction beginning on Sept. 11.  Drop into early-October expected (daily cycles converge on Oct. 5 – 10).  XAU (gold stocks) should drop sharply into Sept. 22 and then consolidate.  Oct. 9 – 13 poised to usher in pivotal time in precious metals.

See Weekly Re-Lay & INSIIDE Track for additional analysis and/or trading strategies.