It could move above 1599 during January and test the Monthly 50% level @ 1631, but those levels are seen as resistance. (Previous Weekly Report)
GOLD Primary and Weekly cycles
Gold has moved upwards and tested the January 50% levels, hitting and stalling at 1631.
As per previous report, these levels are seen as resistance, with the expectation the trend will continue back down towards the January lows.
However, if I'm wrong, then price will push up from the Weekly 50% level and breakout of the Weekly highs.
I continue to be bearish on Silver, with the expectation price is moving down into the January lows, and towards the larger Secondary and Primary support levels in 2012
If I'm wrong, then price will breakout of the Weekly highs and begin a move back towards the 2012 Yearly 50% level. (1st Quarter 50% level @ $32.69 as first target.