Metals Trading: Gold & Silver Sell Signals Triggered… New Buying Opportunity Likely – in Not-Too-Distant-Future (After Sell-off).
Metals Trading: Gold & Silver Sell Signals Triggered… New Buying Opportunity Likely – in Not-Too-Distant-Future (After Sell-off).
02/20/19 INSIIDE Track: Gold & Silver 2019 – Cycle Crescendo?:
Synopsis & Summation
So, Gold & Silver are at make-or-break levels, from which an intermediate correction could begin… Silver remains in a weaker position and has been unable to reverse its weekly trend up during this entire advance. So, that could be the leading metal if/when a downturn is signaled. It has spiked up to multiple weekly LHR levels (3 of latest 4 are at 16.025 – 16.260/SIH) – reinforcing that Silver is at an extreme level from which a new decline is likely.
3 – 6 month & 6 – 12 month traders & investors could have entered long Gold positions (futures, cash, ETFs, etc.) at ~1200.0 down to 1186/GC in late-Sept. and be holding 2/3 of these w/avg. open gains of about $14,000/contract (in futures).
The first 1/3 should have been exited in late-Jan. around 1320/GCJ w/avg. gains of about $12,500/contract. Exit/take profits on another 1/3 of these now and use a weekly close below 1305.0/GCJ as the trigger (risk) to exit the remainder of these long positions. These long positions could be re-entered below [reserved for subscribers].
3 – 6 month & 6 – 12 month traders & investors could have entered long positions in Silver (futures, cash, ETFs, etc.) in late-Nov. at ~14.40 and be holding 2/3 of these w/avg. open gains of about $8,000/contract (in futures).
The first 1/3 should have been exited in late-Jan. around 15.90/SIH w/avg. gains of about $7,500/contract. Exit/take profits on another 1/3 of these now and use a weekly close below 15.445/SIH as the trigger (risk) to exit the remainder of these long positions. TRADING INVOLVES SUBSTANTIAL RISK!
Another Window!
So, with the Dollar dropping right to multiple levels of 1 – 2 week support – and holding – it has the potential to embark on a final 1 – 3 week rally… If the Dollar fulfills that, and if the Dollar briefly rallies to new ~21-month highs in the next 2 – 3 weeks (enough to unsettle traders who are worried about too strong of a US Dollar)…
Could that open up a small window of opportunity for Gold to see a contrasting sharp sell-off… enough to position it for a secondary bottom and the onset of a new 3 – 6 month advance?
And then the pendulum would swing back…
The Weekly Re-Lay will continue to update the near-term and intermediate trends, strategies and outlooks, including what to expect from the coming days.”
Gold & Silver are fulfilling multi-month, multi-week & multi-day cycles peaking on Feb. 19 – 22 as they reach extreme upside price targets. Silver’s daily trend pattern and weekly extremes are creating a textbook setup for a divergent peak, showing this is as high as Silver should rally before a plunge back below 15.000/SI. However, this should also be kept in the broader context of developing, 1 – 2 year uptrend.
When Are Cycles Most Likely to Bottom? And When is the Next Buying Opportunity Most Likely??
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.