GOLD Primary and Weekly cycles
Last week's view was the GOLD & Silver would remain above support levels and continue higher.
However, that quickly changed when Tuesday failed to remain above the Weekly level followed by price breaking support levels in March. (March 50% level)
When we look at the Weekly cycles, the trend remains below Support levels and could continue to follow the Weekly cycles towards new lows.
However, in the Primary cycles, the 1st quarterly 50% level @ 1634 is supporting the price of GOLD.
What traders need to keep an eye on is the start of the 2nd Quarter (April)... as this will define whether GOLD moves upwards, or it possibly dips back towards the Yearly 50% level, and lower to long time Support levels @ 1460-1495.
Short-term:- next week could remain within a tight 5-day range below the March 50% level, whilst the 1st Quarterly 50% level supports the price
SILVER Primary and Weekly cycles
I had the same view as GOLD, of it remaining above Support and continuing higher, but that didn't eventuate.
Next Week:- it's a simple case of price either remaining below the MARCH 50% level, as price is once again below the Primary 50% levels...
or it finds some buying support, and continues back towards the Weekly 50% level.