Gold & Silver Fulfill Downside
Gold & Silver Fulfill Downside;
Gold Prepares for New Wave Up…
1300 – 1305/GCJ = Crucial Support.
03/03/18 Weekly Re-Lay:
“Gold & Silver remain under pressure but both fulfilled their daily trend patterns by retesting the Feb. 9 lows. The weekly trends remain neutral, leaving open the potential for a multi-month low to take hold in early-March.
Silver remains in an intra-year downtrend and would not neutralize that until a weekly close above 16.89/SIK.
Meanwhile, Gold just fulfilled the optimum target for a ‘c’ wave decline (a-b-c correction since Jan. 25) with its spike down to 1300 – 1305.0/GCJ. That fulfilled a ‘c = a’ wave target (decline = decline) while testing the Nov. ’17 highs – resistance turned into support. It also completed a 50% retracement of its Dec. – Jan. advance.
It bottomed along with daily cycles – on March 1 – 2 – completing a ‘c = a’ wave target in time (duration of decline = duration of decline). Gold quickly rebounded from there and closed the week above 1309.3/GCJ – leaving its intra-year trend neutral (preventing it from turning down).
In the case of both Gold & Silver, they need to turn their daily trends back up in order to signal that (at least) a 1 – 2 week low is taking hold.
If Gold can turn its intra-year trend back up – with a weekly close above 1349.7/GCJ – that would signal a larger degree rally and project an accelerated advance in the months to follow.
The XAU remains the weakest following its late-Jan. sell signal. It corroborated that monthly signal with a similar weekly signal on Feb. 14/15 and has been targeted for an overall decline into March 5 – 9 before an intermediate low becomes more likely.
That is the next phase of a 90-degree/3-month high-high-low-(low) Cycle Progression and a 360-degree move from the early-March 2017 bottom.
It is also the latest phase of an uncanny 30-degree cycle that has been expounded in recent updates.
This could be as minimal as a retest of the Feb. low (76.39, which is also the coming week’s Raw SPS) or as low as the prevailing monthly trend target (71.63/XAU). Daily price action should help hone that.”
Gold & Silver fulfilled daily trend patterns and downside objectives with Gold fulfilling a textbook wave structure in both time and price. Gold should now enter a new advance – ultimately taking it to new intra-year highs and then to new 2 – 3 year highs.
See Weekly Re-Lay & INSIIDE Track for additional analysis and/or trading strategies.