Previous Weekly report
Gold Primary and Weekly cycles
As noted in last week's report, the price action around the BUY set-up had to validated by price trading above the July 50% level and Weekly level $1502.
once that happened, the trend bias was to move back towards the highs.
Next Week:-
Short-term trend guide is based on the Weekly level @ $1540, which could see the trend follow the weekly highs towards next week's highs.
otherwise the Weekly 50% level is the trailing support level @ $1516
Silver Primary and Weekly cycles
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.....
Previous Weekly report
Silver didn't move down into the BUY set-up, but it did break out of the 5-day highs and Weekly 50% level.
The trend has continued back towards the Quarterly 50% level @ $36.80.
The Quarterly 50% level level along with the Weekly level $36.24 will determine whether Silver continues to move up towards $39+
If not Silver, can move back down towards $33.00 later in month.