Gold & Silver Confirm Feb. 20 Projected Peak; Portend Overall Correction into April 2019 & Down to (at least) ~1270/GC. When is Bottom Likely??
Gold & Silver Confirm Feb. 20 Projected Peak; Portend Overall Correction into April 2019 & Down to (at least) ~1270/GC. When is Bottom Likely??
03/05/19 INSIIDE Track Intra-Month Update:
Gold & Silver peaked on Feb. 20, 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.
Validating those cycles (timing indicator), Gold peaked after surging to dual weekly LHR levels (extreme upside targets) at 1344.5 – 1345.2/GCJwhile testing the monthly Raw SPR (1350.0/GCJ; the projected high for Feb. 2019) and overall monthly resistance at 1350.5 – 1363.4/GCJ – a textbook combination of timing and price projections for a multi-week (multi-month?) peak.
At the same time, Silver retested its high (16.20/SIH) while twice neutralizing its daily downtrend. More significantly (and more negatively), Silver was unable to turn its weekly trend up while spiking into Feb. 20 cycles and then quickly re-entered its year-opening trading range (a negative factor).
As emphasized at the time, that was as high as Silver should rally if it was going to fulfill expectations for a plunge back to 15.000/SIH. Silver corroborated that by generating a subsequent monthly 2 Close Reversal lower on Feb. 28 – that projected downside follow-through…
That confirmed the cycle peak and increased the potential for a sharp drop that is still likely to take Gold down toward 1270.0/GCJ (1281.6/GCJ = first decisive support/target that was just tested) and Silver below 15.000/SI in the near-term…
The XAU has also dropped sharply after attacking its monthly projected high/resistance (and descending monthly 21 High MAC) at 80.42 – 82.56. Its Feb. 20 high fulfilled similar weekly cycles as well as the latest phase of a 21 – 22 day low-high-high-high-(high) Cycle Progression.
That also fulfilled a primary wave objective, completing the third consecutive advance (since Sept. ’18) of 11 – 12.00 points (wave equivalence). That peak was/is expected to spur a sharp correction into mid-March – the next phase of a ~2-month/~9-week high-low-low-low-(low) Cycle Progression.
Initial support (and the minimum downside target) comes into play at 72.22 – 72.85 with more significant support at ~68.00/XAU. The XAU remains negative, on a 1 – 2 week basis, until a daily close above 76.18.”
Gold & Silver are powerfully confirming multi-month peaks forecast for Feb. 19 – 22 (while validating projections for a subsequent correction into mid-April and down to ~1270/GC). The Feb. 20 peaks fulfilled multi-month, multi-week & multi-day cycle highs AND attacked extreme upside price targets – creating highs that should hold for at least 2 – 3 months. They corroborated that with their Feb. 28 closing levels – generating signals that reinforce analysis for (at least) a ~2-month correction into April 2019.
When is Gold likely to reach ~1270/GC?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.