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.