Gold & Silver Trading; ‘b’ Wave Peak Imminent… Look for XAU Spike to ~79.82 as Weekly LHRs Project Impending Intermediate Highs; Drop into April 2019 Still Very Likely!
Gold & Silver Trading; ‘b’ Wave Peak Imminent… Look for XAU Spike to ~79.82 as Weekly LHRs Project Impending Intermediate Highs; Drop into April 2019 Still Very Likely!
03/23/19 Weekly Re-Lay:
Gold & Silver spiked to new highs and are poised to see a new 1 – 2 week drop into April…
Gold & Silver rallied back to new rebound highs, fulfilling their daily trends and setting the stage for a ‘b’ wave peak that was/is also in line with Gold’s weekly LHR…
If Silver perpetuates its ~5-month/20 – 22 week high-high-high-high-low-(low) Cycle Progression, it should bottom on April 1 – 19, with April 8 – 12 providing the ideal week for a bottom. A low on April 8 – 12 would also complete a 50% retracement in time (14 weeks up/7 weeks down) and a 5-week high-low-(low) Cycle Progression…
The potential for a larger Dollar correction – taking hold in April and potentially lasting into 3Q 2019 (see 38 – 40 Month $$$ Cycle reprinted in Feb. 2019 INSIIDE Track) – could corroborate that…
Gold & Silver rallied to weekly resistance levels while fulfilling their daily trend patterns. In the process, they also reached their descending daily 21 High MACs. They are showing slight signs of secondary tops but need daily closes below 1298.0/ GCJ & 15.240/SIK to confirm.
The XAU is also in congestion after dropping to its initial downside target, holding 2 – 4 week support and reversing higher. It remains in a weekly & intra-year uptrend, after pulling back to test and hold its year-opening trading range (intra-year resistance turned into support) and its weekly trend neutral point.
On a short-term basis, the XAU just made it back to its March 13 high, fulfilling its daily trend pattern and setting the stage for another 1 – 2 week peak. In the interim, a quick spike up to monthly resistance (and other targets) – at 78.37 – 79.82/XAU – could be seen.”
Gold, Silver & XAU appear to be completing ‘b’ wave rebounds (part of an overall ~2-month correction from the multi-month highs projected for Feb. 19 – 22) that should soon give way to ‘c’ wave declines. An intermediate low is most likely to wait until April 8 – 19. Before resuming their corrections, the XAU could spike as high as 79.82/XAU in the coming days. Weekly LHRs portend intermediate peaks at any time!
What Would Trigger New Sell-off in Metals?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.