GOLD Primary and Weekly cyclesGOLD has continued with its downward reversal pattern at the start of the 3rd quarter, and looks to be moving down into the 3-Quarter support levels.
Those support levels are an ideal level to get back into the trend for all those that are still bullish on the metal.
Don't hold longs below $1446
However, what happens if those support levels aren't reached...
Friday's price action has the hallmarks of getting buyers excited on the metal once again if it begins trading above the July 50% level & $1502.90... that could see the trend make its way back towards the recent highs once again.
Silver Primary and Weekly cycles Silver has started the 3rd Quarter below the 50% level, which can often lead to more downward pressure, and see price move down into the July lows @ $30.17
Note:- keep an eye for a possible up move, if Silver tests next week's lows @ $32.96 and buyers appear.
if it breaks the 5-day highs/ Weekly 50% level, the price of silver could quickly move back towards $37-$39.....
And if it begins to trade and consolidate above the Quarterly 50% level once again, the upward trend will likely resume.