Whilst Gold remains above the July highs, in theory, it should continue to push upwards and follow the weekly high cycles over the next 2-weeks and complete the move into 1677 by the first week of August...
Previous Weekly report
Gold Primary and Weekly cycles
Gold continues to move upwards with the expectation that it will move towards the August highs @ $1658...
and if they don't do anything over the weekend to rectify the debt ceiling issue, price of Gold could hit the 2011 target early next week $1679
Note:- if something happens and they raise the debt ceiling, along with the Friday high pattern, then next week will start with a 2-day reversal down towards the Weekly level $1594
and could reach the August 50% level by Friday...
If it does move down into the August 50% level @ $1574 by next Friday, then that level will be used as a trend guide of another attack towards the 2011 target (following Week)
Silver trading above the July 50% level, and in theory it should continue to follow next week's cycle highs...
and then another 5-days upwards at the start of August... (Previous Weekly report)
Silver Primary and Weekly cycles
Silver not as robust as gold, as the 2011 highs @ 40.81 continues to resist the trend from rising..
The short-term support level on Silver is next week's 50% level $ 38.96, and whilst it's above that level, the trend bias remains up.
However, if below, then the trend will revisit the 3rd quarterly 50% level @ $36.80
Silver Primary and Weekly cycles
Silver not as robust as gold, as the 2011 highs @ 40.81 continues to resist the trend from rising..
The short-term support level on Silver is next week's 50% level $ 38.96, and whilst it's above that level, the trend bias remains up.
However, if below, then the trend will revisit the 3rd quarterly 50% level @ $36.80