As I mentioned in my last post there is a disturbing possibility that gold’s intermediate cycle has topped, and done so in a left translated manner. For clarification, left translated cycles often lead to lower lows. In this case if gold did top on week 9 and the intermediate cycle is now in decline, then the odds are high we are going to see the June low of $1179 tested and broken before the next intermediate bottom.
Whenever I’m not sure about direction the first thing I do is go to the weekly charts. You can see in the three charts below that the Thursday premarket hit did serious damage to the entire sector.
…..continue for Silver, 3 more charts & commentary HERE
