I had forecasted and given a trade set up for Gold and Silver Index XAU on 05/15.
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| Gold/Silver Index XAU Forecast |
I said, “ It also touched one of the proprietary indicators of price/time cycles lines, which offer strong support, sitting right at the $144 level.” I further added, ” Therefore, a strong rally is expected in XAU and targets are $166 and $172. That means a strong rally in Gold, Silver and GLD, SLV etc.”
Well, on said date, XAU was trading in the range of $144, in the early morning. However, it failed to hold this level by the end of the day. It had reached this price level on a time cycle date. Therefore, a reversal was imminent.
The next day, I was proved correct and XAU regained the level of $144, as shown in the attached chart, as the horizontal line. Since then, XAU (and Gold, Silver, GLD, and SLV have rallied, also). XAU achieved the predicted price level of $166, which proved to be very strong resistance, thus causing a reversal into XAU. Actually that day, XAU traded briefly above $166 and then was rejected at this level.
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