GOLD & SILVER Weekly Report 20th August 2011

GOLD Primary and Weekly cycles

GOLD contines to rally as it's following a Quarterly break and extend pattern from the July highs towards new highs in October.

However, to get back into the trend price needs to revisit trailing support in September (Weekly lows @ 1655)), which matches the 100% level @ $1679


Silver Primary and Weekly cycles

Silver has continued to move upwards after rising up from the Weekly lows and helped by a breakout of the Weekly highs, with a target of $49.43

In the short-term, Silver should move up into next week's highs.

Those highs could form a resistance level and push price back down into the trailing Weekly level, which coincides with the Primary 100% level.

If the trend is going to continue upwards, it should remain above $40.81