GOLD & SILVER Weekly Report 28th January 2012

GOLD Primary and Weekly cycles

GOLD is following a 2-month wave pattern during the first Quarter from the January 50% level towards the February highs

potential pattern would be a short-term reversal towards the February 50% level and then a continuation up towards the February highs.

SILVER Primary and Weekly cycles

Silver's price action was to rise back towards the Yearly 50% level in 2012 @ $34.51.

This level could act as a resistance zone, but when we look for the Weekly cycle patterns....

there could be a further rise upwards, as part of a 2-month wave extension during the 1st quarter.

GOLD & SILVER 21at January 2012 Weekly report

GOLD Primary and Weekly cycles

Weekly Cycles are driving the price of gold in the short-term :- UP

Price has been trading above the higher timeframe 50% levels for the past 2-weeks, and could continue to push higher.

However, the interesting level during the first Quarter will be whether 1687.25 will form a resistance zone for the next 8 weeks, and move into a sideways pattern until the 2nd Quarter.

Silver Primary and Weekly cycles

Silver rotating UP towards the higher timeframe 50% levels.

Next Week's highs could form a random resistance zone, which aligns with the 1st Quarter 50% level...

however, the price of Silver could continue up into the Yearly 50% level @ $34.51, which is seen the Primary resistance zone.

Even though I think SILVER will move down into the 2012 Yearly lows, there is nothing in the short-term cycles that suggest that will happen (just yet)

GOLD & SILVER 14th January 2012 Weekly report

GOLD Primary and Weekly cycles

Gold has continued higher following the Weekly timeframe cycles, but price failed to breakout of the Weekly highs.

Based on the current price action, the January 50% level and Weekly level will most likely  push the price upwards in the short-term towards this Week's highs @ 1678.50.

Price of Gold is also above the Primary cycle 50% levels, which is a good sign, and  it over-rides my initial view of further weakness during the lst quarter.

As long as it remains above the January 50% level the trend bias is UP.

Note:- be aware of any reversal patterns around this week's highs and next Friday's close, because if Friday closes back below the January 50% level, it is likely to push pressure on the price of GOLD once again. 

Silver Primary and Weekly cycles

Silver followed the same pattern as Gold, and will likely continue higher if above the January 50% level @ $29.87.

upward trend is towards the 1st Quarter 50% level @ 32.69. (Random resistance this week's highs)

Long term BUY support remains around the 2012 Yearly lows.

GOLD & Silver Reports 7th January 2012

GOLD is starting the new Primary cycle below the 2012 Yearly 50% level, which is bearish...

It could move above 1599 during January and test the Monthly 50% level @ 1631, but those levels are seen as resistance. (Previous Weekly Report)

GOLD Primary and Weekly cycles

Gold has moved upwards and tested the January 50% levels, hitting and stalling at 1631.

As per previous report, these levels are seen as resistance, with the expectation the trend will continue back down towards the January lows.

However, if I'm wrong, then price will push up from the Weekly 50% level and breakout of the Weekly highs.

 SILVER Primary and Weekly cycles

I continue to be bearish on Silver, with the expectation price is moving down into the January lows, and towards the larger Secondary and Primary support levels in 2012

If I'm wrong, then price will breakout of the Weekly highs and begin a move back towards the 2012 Yearly 50% level. (1st Quarter 50% level @ $32.69 as first target.