If the USD continues to rise up for the next 3-days, then we could get Commodities drifting sideways into July
Previous Weekly report
GOLD Primary and Weekly cycles.
GOLD remains above the Yearly highs, with a possible continuation of the trend upwards into July, within an overall target of $1679.
"if we follow text book patterns, then the Weekly highs are seen as resistance in the USD
And if the trend is going to continue higher, then we look for a minor reversal pattern downward starting Thursday , and for another leg upwards next week, as described in the book"
(Forex Report 15th June)
The USD moved upwards during the first 3-days, hit the Weekly highs, and then reversed down on Thursday & Friday
Those highs in the USD aligned with GOLD finding support above its Weekly 50% level on Thursday, and then moving up towards higher highs on Friday.
Therefore, if the USD is going to rise upwards next week (from Tuesday).... traders need to be aware that if GOLD is trading below Weekly 50% level there may be downward pressure on the price of GOLD once again.
The critical support levels remain the Trailing Weekly lows. (Green @ $1512)
Silver Primary and Weekly cycles
Silver remains supported above it's Primary highs, but with the USD moving upwards, silver looks to be moving into a sideways pattern for the rest of the month.
As mentioned over the past number of weeks....
the critical level in the trend will be defined by the 3rd Quarterly 50% level starting in July (Yellow)....
that is either going to send the price of silver towards new highs in the 3rd quarter....
or the trend reversing down towards