Gold & Silver Signal Further Gains
Gold & Silver Signal Further Gains;
Rally into Feb. 6–10 Expected…
…As Part of 3–4 Month Advance.
01/28/17 Weekly Re-Lay: Gold & Silver have pulled back after Silver twice attacked pivotal resistance (~17.300/SIH) as Gold twice neutralized its weekly downtrend. By week’s end, however, Silver had reversed back up & triggered a weekly 2 Close Reversal higher.
That should spur a rally to new rebound highs (at least in Silver) – leading into early-Feb. – ~90 degrees from the early-Nov. highs & ~180 degrees from the early-Aug. highs.
As stated before, at least with respect to Gold, that could merely be a retest of recent highs. Meanwhile, Gold needs a weekly close above 1221.8/GCJ to reverse its weekly trend to up and to escalate its advance to a higher level (while confirming a multi-month bottom).
3–6 month & 6–12 month traders & investors could have entered new long positions in Silver (20–25% of a normal-sized position) at ~15.80–16.75. Risk/exit if/when those futures generate a weekly close below 15.800/SIH.
The XAU did reach 92.50/XAU – ushering in a pivotal 2–3 day period. It needs a daily close above 93.24 to extend this rally. Along with Gold & Silver, it pulled back into late-week.
A 24–25 trading-day (the equivalent to the 34–36 calendar day cycle previously described) high (Sept. 6)–low (Oct. 8)–low (Nov. 14)–low (Dec. 20)–low (Jan. 26/27th) Cycle Progression coincided with the daily HLS indicator & Gold’s daily trend pattern to project an intervening low on Jan. 26–27th. That may have taken hold.
Gold & Silver pulled back and set the stage – based on their daily trend patterns & daily HLS indicators – for a low by/on Jan. 27th. That appears to have taken hold with Gold neutralizing but not turning down its daily uptrend. A new rally – into Feb. 6–10th – appears likely.”
Gold, Silver & XAU fulfilled 2–4 week upside objectives & pulled back into daily cycles on Jan. 26/27. A new rally should carry them higher into Feb. 6–10, when a more important top is likely. That would represent the first phase of an overall 3–4 month advance, projected to unfold after metals fulfilled projections for a decisive bottom in late-2016, the ‘II’ wave bottom in a developing bull market (see Jan. ’17 INSIIDE Track for details & related diagram on what to expected leading into 3Q 2017).
Gold is expected to set the most decisive bottom – a higher/ascending low (‘2’ of ‘III’ wave low) in mid-2017… ushering in more bullish cycles in 3Q 2017.