Gold & Silver Trading; Early-March Cycle Lows Spur ‘b’ Wave Bounce… XAU Could Spike as High as 79.82 in March. April 2019 = Key!
Gold & Silver Trading; Early-March Cycle Lows Spur ‘b’ Wave Bounce… XAU Could Spike as High as 79.82 in March. April 2019 = Key!
03/13/19 Weekly Re-Lay Alert:
Gold & Silver have rebounded in what could be a ‘b’ wave bounce following their plunge into March 7. At that time, both metals perpetuated 20 – 21 day high-low-low-(low) Cycle Progressions that timed preceding lows on Jan. 24 and Feb. 13 – 14… and project a future low for March 27/28. Gold & Silver also fulfilled price targets – attacking their primary downside objectives (1281.6/GCJ & 15.000/SIH) and holding…
On a 3 – 6 month basis, the late-Feb. highs were/are expected to hold for 1 – 2 months but ultimately give way to higher highs leading into June/July 2019. The potential for a larger Dollar correction – taking hold in April – could corroborate that.
The XAU also reached its initial downside target, holding 2 – 4 week support and reversing higher. It remains in a weekly & intra-year uptrend, dropping to test its initial support and the minimum downside target at 72.22 – 72.85. It spiked down to 72.66 on March 7 and then reversed higher without ever turning its intra-month trend down.
That pullback also had the XAU testing its year-opening trading range (intra-year resistance turned into support) and its weekly trend neutral point – holding both support levels and reversing back up. It then turned its daily & intra-month trends up, which could spur additional upside into mid-month.
This action projected a rally to monthly resistance – at 78.37 – 79.82/XAU. That would also create a test of its weekly LHR at 78.16 and its weekly 2nd Close at 78.61/XAU.”
Gold, Silver & XAU are confirming that initial lows are in place (set in early-March and at initial downside targets) and that multi-week rebounds are underway. The XAU (and Silver) turned its daily & intra-month trend up and could rally back as high as 79.82/XAU during the month of March. Weekly LHRs portend intermediate peaks in coming weeks.
What Should Follow a Rally to 79.82/XAU?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.