It has taken gold 17-trading day’s to get back to the February highs. We could see a little more upside, but it’s getting very late in the cycle. The two sequences leading into this topped on the 20th trading day.

Miners could rally a bit more if gold trades above $1,265. However, they are well below their February highs, and the resistance boxes are expected to contain price.

The 6-month (intermediate) cycle in gold is beginning to stall. It took an entire daily cycle to retest the February highs. Once this cycle tops, prices will start the decline into the next 6-month cycle low, expected to arrive in May or June.

I won’t be able to estimate 6-Month targets until I see where this cycle tops. A drop into an 8-year cycle low is becoming very improbable.

-US DOLLAR- The Dollar is still struggling at the moving average crossover. Closing above 100.60 should be enough to remove this obstacle.

-GOLD- Prices are 17-days into the third daily cycle off the December 6-Month low. Prices are barely back to the February high; momentum is slowing. The previous cycles topped on the 20th trading day. April 7th (this Friday) marks the 20th day of this cycle.

-SILVER- Prices rallied to $18.43 and then closed right at $18.32 (last Thursday’s high). Silver prices should top with gold later this week.

-GDX- Prices closed back within the resistance box, and we could see a run to $24.00 if gold rallies above $1,265. The resistance box should contain prices.

-GDXJ- Junior’s closed .04 cents above today’s opening price. If gold rallies above $1,265 we could see prices test the $38.57 high. The resistance box and 200-day MA ($39.07) should contain prices until gold tops. I adjusted the trendline. Closing below it should signal the inception of the cycle downleg in April.

-DUST- Prices closed at the lows of the day, and it looks like they will break the $28.31 low. I will watch for a reversal pattern if gold tops between now and Friday as expected.

-JDST- Prices ended up breaking the early morning low of $13.57 just before the close.

-WTIC- Prices closed above the 50-day EMA and are rapidly approaching the cycle trendline. Closing above $51.50 would be enough for me to take profit on my remaining short position. The 62% retracement lives at $52.00.

-XLE- The XLE is also approaching its trendline. I will watch to see how prices react if contacted later this week.