Gold & Silver Trading; Early-March Cycle Lows Time Multi-Week Lows… XAU Rebound Could Reach 79.82 in March. April 2019 Remains Focus!
Gold & Silver Trading; Early-March Cycle Lows Time Multi-Week Lows… XAU Rebound Could Reach 79.82 in March. April 2019 Remains Focus!
03/12/19 INSIIDE Track Intra-month Update:
Gold & Silver have corrected since peaking on Feb. 20 while fulfilling a myriad of related cycles (55 – 59 week, 27 – 29 week, 13 – 14 week & 6 – 7 week), the largest of which have been in focus for over a year. Those cycles, combined with the upside targets and extreme resistance reached at that time, projected a multi-week peak that could hold for 1 – 2 months.
(As repeatedly explained in INSIIDE Track, monthly cycles in Gold could produce a higher high in June/July 2019. The weekly trend pattern needs to corroborate that.)
Both metals dropped sharply and attacked their primary downside targets (1281.6/GCJ & 15.000/SIH) and were expected to bounce from March 7 into March 12. That has now unfolded with Silver turning its daily trend back up while Gold needs a daily close above 1302.6/GCJ to do the same…
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 projects 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.
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.