GOLD Primary and Weekly cycles
As per previous report, Thursday's close below the Weekly lows was going to put pressure on the trend.
And as we can see in the above chart, price is moving back towards the July breakout (3rd Quarterly highs), matched with next week's lows @ 1590-1594
However, in the short-term, there's a good chance that Friday's price action will see a move upwards next week & back towards the Weekly breakout & September 50% level.
Once that occurs the trend is likely to be sold down once again towards 1594, providing new levels for the 4th Quarter.
SILVER Primary and Weekly cycles
Silver is heading back towards the yearly 50% level @ 24.93.
However, next week is likely to see an upward move towards the September lows @ $34.31.
once that occurs the trend is likely to be sold down towards next week 's lows @ 28.16, and then $24.93 in October.
Note:- $24.93 is a robust support zone for 2011