GOLD Primary cycles and Weekly
As noted in the previous report, my view is that both GOLD and Silver are trading around resistance levels, and I'm looking for a reversal pattern into trailing support levels.
However, resistance only lasted a couple of days until the weekly level @ 1445, and it then continued upwards following the Weekly highs, and may continue up towards next week's highs
first sign of weakness will be price trading inside the weekly channels (white)
2nd sign of further weakness will be a daily close below the weekly lows. @ 1424.75
What happens if there's no weakness?
If the month of April closes above 1492, there is the possibility that the trend makes a bee line towards $1679 in 2011
Silver Primary cycles and Weekly
My view was that Silver had reached a top last week @ 41.52 and would be in the process of reversing down.
However, it's now trading above that level and is following the Weekly pattern.
I believe Silver will continue to rise up into higher highs in 2012 (Target unknown yet, as it won't be known until the last day of 2011)...
but I can't be chasing silver at these levels, until it reverses down into trailing support levels.
first sign of weakness will be price trading inside the weekly channels (white)
2nd sign of further weakness will be a daily close below the weekly lows. @ 37.55