GOLD Primary and Weekly cycles
Gold has rotated back down into a major support level in the 4th quarter. (SUPPORT)
All trends originate from these levels and continue outward, and if the Primary cycle trend remains bullish it shouldn't spend anytime below SUPPORT. The last time that occurred was in July 2008, when price was $922.00
The most bullish patterns have been occurring in the 2nd month of the Quarter, as price in the first month rotates down into support, and then the 2nd month rises up from support and continues upwards during each individual quarterly cycle.
However, this is the first month of the quarter, and it's already trading around support, so it wouldn't surprise me to see the next 4 weeks consolidate around support.
When we look at the Weekly cycles (right chart).... there is a potential rejection pattern around the Weekly 50% level that could see price move towards next week's lows and as low as the October lows
In conclusion:- if you are bullish and believe that GOLD is going to continue higher, then these are the levels that should be of most interest.
Just keep an eye on the Weekly cycle for short-term weakness.
Silver Primary and Weekly cycles
Sliver found support around its Weekly lows this week, but in my opinion it's likely to dip down into the October lows, which coincide with the Yearly 50% level.
Anywhere around $24-25 looks like a robust support zone, validated with lesser timeframe cycles
