Gold/Silver Remain Negative
09/03/16 Weekly Re-Lay:
“Gold & Silver completed the latest (projected) phase of their 3Q 2016 scenario – dropping from their early-July highs & their early-August highs (based on recurring geometric cycles as well as the 2016 Golden Year outlook for an initial ~6-month surge into mid-2016) into late-August.
The end of August was the latest phase of a ~90-degree cycle that last timed the late-May lows… and previously timed intermediate lows (in either Gold, Silver or both) in late-Nov. ’15 & late-Feb. ’16. A similar, intermediate bottom was projected for late-August..
All of this action fulfills and/or validates the 60–90 day expectations (descending highs in early-July & early-August, followed by steep drop into late-August) and lends additional credibility to the outlook for the next 30–40 days. That is when Gold & Silver were/are projected to rebound into early-Sept and then see another drop, potentially lasting into early-October.
A 9–10 week low-low-high-high-(high) Cycle Progression in Silver corroborates that – projecting a secondary high for Sept. 6–16th.
If a high is seen in the coming week, and Silver makes it back down to retest recent lows, it would reinforce a slightly larger-degree cycle scenario in which Silver (and likely Gold) see an overall correction into Nov. 2016 before a Major secondary low (higher than the Dec. ’15 low, but the lowest low since mid-2016) takes hold.
The XAU dropped sharply after attacking its 2–3 month LLH objective and signaling an intermediate top on Aug. 11th.
It completed an outside-month/2 Close Reversal lower – projecting additional weakness in the coming months. In the near-term, however, there were/are signs of a multi-week low…
The XAU had twice neutralized its weekly uptrend, leading into this past week, identifying it as the optimum time for an initial low. That could spur a rebound into Sept. 7–14th before a new leg down becomes more likely.
Ultimately, this drop could stretch into late-Sept./early-Oct. – the next phase of an ongoing ~4-month (16–19 week) high-high-low-low-low-(low) Cycle Progression.
That would also perpetuate an over-arching, 36-week high-low-(low) Cycle Progression. A test of78–83.00/ XAU is possible in that time frame…
Copper remains negative and on track for an overall drop into Sept. 6–16th – a ~30-degree high-low-(low) Cycle Progression, ~90 degrees from the early-June low, ~180 degrees from the early-March high, ~360 degrees from the Sept. 7–11, 2015 high and the completion of a ~180-degree high-high-(low) Cycle Progression.
A drop into the first half of Sept. 2016 would also perpetuate an ~8-month high (early-May ’15)–low (early-Jan. ’16)–low (early-Sept. 2016) Cycle Progression… and create a 1/.618 low-low-low (21 weeks/12 weeks) since Jan. 2016.
So, there is a good (cyclical) chance for a multi-month bottom in the first two weeks ofSeptember 2016.”
Gold & Silver remain on track for overall sell-off into early-October – after a brief bounce intoearly-September. 1260.0/GC = Primary downside target for early-October cycle. Additional drop – into November 2016 – should follow. Ultimate downside price targets still significantly lower… and could wait until 4Q 2016 to be tested. Copper Poised for Crucial Low in first half ofSeptember. See publications for additional analysis & trading strategies.