GOLD & SILVER Report 28th may 2011

Gold Primary and Weekly cycles

Is Gold going to trend towards $1679 over the next 4 weeks, as the USD dollar collapses??

Because I'm a betting man I think it will.

If it is, then the most robust pattern would be to see the Weekly highs push the price of GOLD down into the June 50% level, which can provide the next set-up for the trend to continue higher from Wednesday onwards

Note:- first target is $1679, but likely to extend towards the 3rd Quarter highs in July.

The UP Trend remains stable unless is breaks the Weekly lows in the 3rd month of the current Quarter

Silver Primary and Weekly cycles

Primary cycle suggests the trend will continue towards the 3rd Quarter highs in July.

That will be validated by a breakout of the Weekly highs and also above the June 50% level

In the short-term, if it's below $38.00 we could see Silver come down into the Weekly 50% level.

upward trend remains stable unless it breaks the Weekly lows

GOLD & SILVER Report 21st may 2011

GOLD Primary and Secondary cycles

As noted in last week's report, a potential last week rise in GOLD is going to be defined by next Week's 50% level

GOLD remains supported above the Primary cycle highs, with an expectation that the trend can continue up towards $ 1679 in the 3rd Quarter (from July onwards)



Silver Primary and Secondary cycles

Silver can continue towards the 3rd Quarter highs, as long as it remains above the 2nd Quarter 50% level @ $32.44

This will be helped by silver moving back inside next week's levels....

with the trend guide being the Weekly 50% level, and support @ 32.79.

Short-term swing target is the MAY 50% level @ $41.65

GOLD, & Silver Reports 14th MAY 2011

GOLD Primary and Weekly cycles

Gold continues to remain above higher timeframe support levels, but it failed to follow the Weekly high range once above the Weekly 50% level @ 1502.70

I still have the view that GOLD is moving higher (last Week of MAY)

however,  first sign of weakness is for GOLD to be trading below 1479...

If that occurs, then next BUY zone remains around the 2nd Quarter 50% level support zones @ 1347-36.

I have a view that the USD is going to continue to rise (READ Forex Weekly report)...

and this might put pressure on Commodities in the short-term

Silver Primary and Weekly Cycles

Silver has found support @ $32.45 with the view that it is moving towards the 3rd quarter highs...

however, the trend guide is going to be defined  by next week's level @ 36.68...

either silver moves back towards the weekly 50% level (3-day counter-trend move)

or

it moves down into monthly and Weekly lows @ $30.42

Weakness in commodities will be influenced by short-term strength in the USD

GOLD & SILVER Report 7th may 2011

The ideal pattern to get back into trend (if your not on it)...
is to see a 1 week reversal pattern that closes on it's lows, but it aligns with the MAY 50% level....@ $1486

if the trend is going to continue upwards, it then should remain above 1492 and continue towards new highs in July, as it trends towards $1679

Previous Weekly report…

Gold Primary and Weekly cycles

Last week has seen a 5-day reversal pattern down into the Weekly lows, whilst remaining above the MAY 50% level.

The critical level for next week will be the Weekly 50% level @ $1502.70

The current price action could see GOLD move back towards the Weekly highs, and then reach the MAY highs in the last week of the month, if gold is still the flavour of the month.

However, never discount a delayed break of support in the 2nd week, if  Monday's open begins to 'sell' down from the Weekly 50% level.

if the latter occurs, then the trailing support levels are @ 1347-68 in June

Silver Monthly and Weekly

As noted in last Week's report (Bubble and expected reversal pattern)..

along with the report on Wednesday, the breakout of Support levels will likely see the trend continue down into next week's lows.

If that occurs, then I'd look for a reversal pattern back towards the 40.80 to 41.65:- RETEST THE BREAKOUT

if that occurs, then my view is that the trend will try and move back down towards lows in late MAY, which should then provide support and the next 'long' set-up in silver in JUNE

In the short-term, my view is down into the Weekly and MAY lows (Support & possible counter-trend move upwards)

Note;- if Monday moves upwards and begins the 3-day reversal pattern to start the Week, then from Thursday onwards we begin to look 'sell' set-ups and resistance levels for a push back down into the MAY lows.

SILVER Report 5th MAY 2011 Update

Silver is in bubble territory, & I would like to see the early price action in MAY come back and revisit support levels, before the trend has the potential to continue higher in the current year.

I would like to see a weekly 'bar' (5-days) come down into support levels...dip down into $38-39.22 (1-3 days)

Previous Weekly Report

Silver Monthly & Weekly

Silver is moving down during the current week into trailing support levels @ $38-39.22

If Silver is going to continue higher, then it will need to remain above these levels (Friday) and consolidate for the next 3-weeks, and then try late MAY or early June to see if the trend is going to continue higher (July Highs)

However, we can see it has broken Weekly low support ($40.80) (right chart)

This will normally lead to a break and extend pattern towards next week's lows...

and it's also below the monthly 50% level.

In conclusion:- if this 5-day reversal pattern is below those levels, then the trend bias can continue to move back down into the 3-month lows in MAY @ $31.35