Gold & Silver Resume Advances…
Gold & Silver Resume Advances…
Gold Poised to Surpass 2017 Highs!
Silver Could Exceed 17.50+/SIU.
08/12/17 Weekly Re-Lay:
“Gold & Silver fulfilled cycle lows & resumed their advances…Gold & Silver fulfilled analysis for a secondary low on Aug. 7–11th – setting a spike low within 1 day of the midpoint of the prevailing, ~2-month cycle (Aug. 9th).
Price action corroborated that projected low, with Gold & Silver dropping long enough to twice neutralize their daily uptrends before spiking down & reversing higher… without turning those daily trends down. That is a textbook trend pattern that projects a rally to new highs.
Ideally, Gold will rally to new intra-year highs (above 1307.0/GCZ) before pulling back into more significant cycles in mid-to-late-Sept. ‘17. At the same time, Silver could diverge – both now & leading into those cycles.
To reiterate, Gold is the only one (out of Gold, Silver & XAU) that remains in an intra-year uptrend and in an uptrend basis its weekly 21 MAC. Its monthly trend also remains positive after turning back up in Jan. 2017. That trend pattern continues to project a rally back to the mid-2016 peak (~1377/GC), although it does not specify timing…
From a price perspective, Gold could spike up to 1311.2–1319.1/GCZ – the convergence of 3 recent weekly LHRs and new weekly resistance – before a peak becomes more likely. Silver has initial resistance at 1747–1769.5/SIU…
Gold & Silver spiked lower & reversed higher, triggering a new daily trend signal that projected a rally to new highs. They have since surged and could spike above 1310.0/GCZ & 17.500/SIU before encountering intermediate resistance.”
Gold & Silver resume advances with Gold projecting new 8+-month highs in coming weeks. Silver could spike above 17.60/SIU as part of latest advance. Gold is reinforcing its underlying strength and projections for a higher low in mid-2017 followed by a new surge in 3Q/4Q 2017 – See ‘A New Golden Age’. Next intermediate low expected around mid-Sept.
See Weekly Re-Lay & INSIIDE Track for additional analysis and/or trading strategies.