GOLD Primary & Weekly cycles
GOLD is right on the 2015 50% @ 1237, which defines the Primary Trend.
A breakout of the January highs has failed to follow a break and extend pattern in the 1st week of February towards the February highs, and therefore the bullish scenario has lost steam.
If it's going to follow my initial view of moving higher, the price of Gold needs to be trading above the FEB 50% level, otherwise it's following the Weekly cycle towards the Weekly lows, and back into a BEAR Trend.
SILVER Primary & Weekly cycles
Primary Cycles continue to push Silver lower (below 2015 50% level) as the January breakout failed to materialise.
I'm Bullish on Silver as it's completed the Break and extend patterns in Primary cycles (2014 lows BUY Zone)
However, the February 50% level @ 16.70 is the trend guide.