How Metals’ Daily Trends are Governing Near-Term Action… and Focusing on Cycle Lows (Nov. 8 – 13).
How Metals’ Daily Trends are Governing Near-Term Action… and Focusing on Cycle Lows (Nov. 8 – 13).
11/06/18 INSIIDE Track Intra-Month Update: Gold & Silver again neutralized their weekly downtrends, but are failing to turn those trends up… The daily trends are mixed and would not turn positive until daily closes above 1239.3/GCZ & 14.92/SIZ…
The XAU declined for almost two weeks after turning its weekly trend up (a confirming/lagging signal that usually triggers a 1 – 3 week reactive decline) and dropped right to the levels of the late-Sept. and early-Oct. lows. That is also where weekly trend support exists. That support (~63.75/XAU) needs to hold to prevent a retest of the lows as part of this multi-month bottoming process.
The weekly trend remains up until a weekly close below 63.75/XAU. In contrast, the daily trend would not turn up until a daily close above 67.65/XAU. If that daily trend fails to turn up, the XAU could see a retest of ~63.75 support leading into Nov. 9 – 13, the latest phase of a ~2-month/60-degree Cycle Progression.”
The daily trends remain negative in Gold, Silver & the XAU – increasing the potential for some additional downside into Nov. 8 – 13. Price action will be the determining factor leading into that cycle low. IF certain criteria are met at that time, and signals generated, that could then trigger a sizeable 2 – 3 week rally into late-Nov./early-Dec.
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.