Intermediate Gold Top made at the 1272 Yearly Resistance Magnet

It’s safe to say, it was unsurprising… After all, gold had yet to reach and finally work off the yearly 1272 GUNNER24 Up Magnet before this uptrend found its next intermediate high. As is well known however, in hindsight you’re always the wiser…

Ultimately, Friday was the day for the turn. Again – just as many times in the past years – the metal rose together with silver by the virtue of overstated angst reaction to political incidents – US missile strike on Syria, previously it had been the Trump vote - into an important intermediate top that couldn’t be held, but if anything it’s a bull trap ringing in a nasty volume-backed intraday reversal:

The weekly downtrend that began at the # 1-final 2016 high bottoming at the low of the downtrend week # 24 and reaching a first important higher low, topped and spiked last Friday, being just the day before yesterday in the downtrend week # 40 into the certainly most powerful of all the existing resistances on yearly base, the well-known 1272.

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Attention, new traders: the importance of the xx22 resp. xx72 magnets for gold in 50$ intervals continues. This condition is going to remain important for many more years. Newbies may read up here what it’s all about with the 50$ resp. 25$ steps gold has been respecting since the year 2012 in a downright maniac way.

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The new high of the year was marked at 1273.30 on Friday, therewith:

A) For the – perceived - hundredth time since 2012, the 1272 yearly resistance horizontal bared its well-filed claws.

B) exactly at the top, a natural Resistance Angle that can directly be derived from the final high of 2016 was reached, successfully worked off and newly tested negatively. Whose resistance energy, together with the resistance power of the

C) 1*2 Resistance Angle, that can likewise be directly derived from the final high of the year 2016, having been natural and MOST OBJECTIVE attraction magnet for the downtrend and being touched last Friday for the very first time in 2017 were the final triggers for the tough 20$ intraday sell-off shaping the second half of Friday.

Thus, at the top Friday tested 3!! resistances = upmagnets that exist in the yearly time frame. A triple GUNNER24 Resistance Magnet in the yearly time frame was reached, this triple resistance was the catalyst for the bearish character of the Friday close by what the next intermediate top should altogether be cemented definitely now.

To cap it all for the Gold Bugs, the triple 1272 yearly resistance magnet was reached after a 5 week upcycle, after exactly 21 trading days, to make matters even worse.

==> The most recent 5 week upcycle begins at the low of the candle # 36 lasting till the past week candle # 40. The low of # 36 was marked on March 10. The top of # 40 was on April 7 = 21 trading days.

Since 5 and 21 are Fib numbers, they constantly signal possible extrema, they even release them. So, since both the weekly time frame and the daily time frame signal together and simultaneously an important time top that moreover reached a triple GUNNER24 Price Resistance Magnet on yearly base, in the first step gold reacting hard negatively to both the time magnet (5 weeks up/21 trading days up) and the price magnet 1272, indeed we have to state:

==> Price and time met at the Friday top, the new 2017 high. Whenever something like that becomes visible/happens, a change becomes imminent.

==> All the three most important momentum oscillators in the weekly time frame show visible negative divergences, so technically they did not endorse or back the recent 5 week upcycle either. Thereby, also the market technique is pointing to an important intermediate high made on Friday!

==> I dare to put my head above the parapet alleging that even the final high of the year 2017 might have come in on Friday! Probability 80%!

In the first step, gold is most likely to test the 1220-1224 yearly support horizontal again. This test is supposed to be due between April 25 and May 5.

I’d like to underpin this allegation with the currently most important GUNNER24 Up Setup in the weekly time frame.

For the first time, I presented you this setup in the so far last free gold analysis. It was on 03/12/2017: "Gold keeps on obscuring its true intensions for 2017":

Just briefly resuming, due to the existing 4th double arc main support, then we had to expect:

I quote myself as saying:

"==> The 4th double arc is radiating support again now! The 4th is an extremely important and actually extremely strong future support double arc. It was the one that inter alia triggered the important higher 1-year-cycle low. Well, the 4th support environment is actually tested just for the second time, according to the rule of three and four being supposed to bear again and give gold overall support at the second test that is currently taking place and thus being able to drive the metal very, very soon into the next weekly upcycle.

==> The coming weekly upcycle should have to work off the 1*2 Angle finally then. For this angle upmagnet is truly behind the red dotted falling resistance that springs directly from the 2016 high..."

And furthermore...

"So, I expect gold to turn coming week to work off resp. reach then the 1*2 Angle within a 3 or 4 or 5, at most 6 week weekly upcycle." ... "This is why I consider as to be most likely that gold shall pursue the purple dotted path. Now it turns upwards at the 4th double arc support within at least 3 to at most 6 trading weeks going up to the 1*2 Resistance Angle, the central dominating resistance of the year. Afterwards, the next lower high in the overall secular bear market will be attained there."

Brief conclusion: So far so good. The recent weekly upcycle topped in week no. 5, at the expected 1*2 Resistance Angle – and the 1272 – into the possible lower high in the overall secular bear market! Update of the 3 Candle down as per Friday close: