Gold & Silver Resume Advances
03/05/16 Weekly Re-Lay: “Gold & Silver turned back up a week earlier than expected when Silver generated a daily trend pattern signal after twice neutralizing its daily uptrend… and then reversing back up.
As stated mid-week, Gold was in a position to spike back to/above those highs, which it did late in the week. The key aspect to that is that Gold has now exceeded previous rebounds in price AND time, having extended this rally to 13 weeks in duration (exceeding the 11-week & 12-week durations of the previous three advances).
That is the other level of 4-Shadow signal that was projected for early-2016. This could spur a spike up to Gold’s second upside objective for 2016 – around 1310.0/GCJ. Monday’s action needs to corroborate.
In the meantime, Silver remains in more of a corrective mode and would not turn its weekly trend up until a weekly close above 1600.5/SIK…Silver did generate an outside-week/2 Close Reversal higher that should spur some additional upside.
However, it would need to exceed 16.250/SIK to turn its weekly 21 MAC back up. Since that aligns with weekly resistance, it identifies a decisive level to watch in the coming days/week.
Intermediate focus remains on an intriguing & synergistic weekly cycle convergence on April 4–8th & April 11–15th… when secondary lows appear likely in Gold & Silver. The action of the coming weeks would need to confirm that.
3–6 month & 6–12 month traders and investors should be holding partial long positions in Gold & Silver from mid-Dec. (~1046–1076/GC & 13.62–13.88/SIH) and should[reserved for subscribers only]…
Gold & Silver rallied after Silver twice neutralized its daily uptrend while testing & holding its January high (resistance turned into support) – as Gold remained positive & validated that with Wednesday’s 2 Close Reversal buy signal.” TRADING INVOLVES SUBSTANTIAL RISK. See Hypothetical Trading Disclaimers.
Gold & Silver signal lows and project rallies to new highs. Silver’s daily trend pattern portends retest of ~16.00/SI before pullback into pivotal cycle lows in April 2016.