Gold Triggers Add’l Buy Signal
05/24/17 Weekly Re-Lay Alert:
“Gold & Silver remain strong after pulling back & fulfilling the downside objectives for a multi-week decline… while bottoming on May 8–12th & precisely fulfilling a 20-week high-low-(low) Cycle Progression in Silver (related to the 19-week cycle in XAU). That low should hold for several weeks… if not longer.
While setting that low, Silver tested & held its intra-year support – as well as its ~2.50 pt. range-trading target (16.00/SI). At the time, both Gold & Silver neutralized their weekly uptrends – setting the stage for a secondary low & reversal higher. That signal usually triggers a rally back to the recent (mid-April) highs – which appears most likely in Gold.
Gold remains in the strongest technical position, having remained in an intra-year uptrend and never giving a weekly close below 1224.4/GCM. It maintained its weekly 21 MAC uptrend and also reinforced its weekly 8 MAC uptrend by rallying above 1256.4/GCM last week. All of these factors reinforce the potential for a rally to new 2017 highs.
1–4 week traders can buy August Comex Gold futures at [reserved for subscribers]”
Gold & Silver are reinforcing signals that project a surge into early-June… with Gold just triggering another buy signal (even as the XAU is validating the potential for a late-May sell-off). The XAU maintains the potential for a drop to much lower levels in 2017… even as Gold & Silver reveal a much different picture.
See Weekly Re-Lay & INSIIDE Track for more specific expectations, targets & trading strategies.