Silver’s Sell Signal Confirmed
04/29/17 Weekly Re-Lay:
“Gold & Silver sold off after fulfilling all of the 2–4 week upside potential with Gold attacking monthly resistance (1284.2–1298.5/GCM) as Silver spiked to new intra-year highs and its upside LLH objective (18.635/SIK)…
It remains under the negative influence of its April 21st weekly 2 Close Reversal sell signal AND in a daily downtrend, so a rebound could be as brief as 2–3 days.
The XAU plummeted after spiking up to 2–3 month resistance at 89.72–90.03/XAU and holding its weekly trend-neutral point. That was/is still expected to lead to another drop into May 2017 – with an intermediate low possible then.
A monthly close below 83.77/XAU did occur and did complete a monthly 2 Close Reversal Combo lower after attacking its monthly LHR in early-April. That should prompt another 1–3 months of downside action. A weekly close below [reserved for subscribers] is necessary to confirm that
The combination of monthly & weekly downtrends – with this signal – could extend this decline beyond May 2017… and into the ensuing convergence of weekly cycles in [reserved for subscribers].”
Silver’s April 21st weekly sell signal (Turn -Key AND 2 Close Reversal sell signals) confirmed multi-week (multi-month?) peak and projects lower prices into May 3–12th. Gold remains on track for initial drop to 1223.4–1230.3/GCM but has not yet turned its daily trend down. The XAU is poised to bottom a little earlier, with its 19-week Cycle Progression projecting a May 1–5th low. (Gold stocks, however, remain in the weakest technical structure and are expected to enter a new wave down after a brief, 1–3 week bounce in May.)
See Weekly Re-Lay & INSIIDE Track for additional details on larger-degree cycles that could extend these anticipated sell-offs, particularly in the XAU & HUI.