Gold Surges to Weekly Extreme Target; ~7-Week Cycle Progression Portends New Sell-off. Watch Daily Cycle Lows on April 17 – 18.
Gold Surges to Weekly Extreme Target; ~7-Week Cycle Progression Portends New Sell-off. Watch Daily Cycle Lows on April 17 – 18.
04/11/19 INSIIDE Track Intra-Month Update:
Gold & Silver rallied precisely into daily & weekly cycles peaking on/around April 9/10 with Gold attacking its weekly LHR, the high of the year-opening range, and the monthly Raw SPR (all at 1312.1 – 1315.3/GCM).
As explained in the April 6 Weekly Re-Lay, a secondary peak would likely be seen this week – in line with Gold’s consistent ~7-week low-low-low-high-high-(high) Cycle Progression that timed the early-Jan. & late-Feb. peaks with precision. That also fulfilled the daily cycles described in this 4/06/19 Weekly Re-Lay excerpt:
“In recent months, Gold has traded in swings and cycles of ~12 trading days. The latest rally – from March 7 – 25 – perpetuated that cycle and created a 12 trading-day low-high-(high) Cycle Progression that would be fulfilled with a daily high on ~April 10… All of these factors (including the prevailing daily downtrends) show that Gold & Silver could see a quick, additional 2 – 4 day surge and then set a 1 – 2 week peak – extending the current congestion.”
The April 10 peak – arriving exactly 7 weeks/49 days from the Feb. 20 peak – perpetuated that ~7-week cycle and projects focus to its next phase on May 28 – 31. A subsequent peak on/around May 28 – 31 would perpetuate a corresponding 13 – 14 week low-low-high-(high) Cycle Progression… as well as this prevailing, ~7-Week Cycle Progression…
The XAU surged to weekly resistance and the weekly LHR – at 78.16 – 78.30/XAU. That ushers in the potential for a weekly 2 Close Reversal Combo lower IF it closes below 76.36/XAU on April 12. (Gold & Silver would generate similar signals with April 12 closes below 1295.6/GCM & 15.086/SIK.)
That is an important possibility since it could trigger a retest of 1 – 2 month support around 72.20/XAU. A daily close below 75.41/XAU would turn the daily trend back down and increase the potential for a spike below the early-March low. Until that occurs, congestion remains in force.”
Gold, Silver & XAU validate April 10 cycle peak and project new decline. Quick drop should last into (at least) April 17 – 18. Watch Dollar action in final weeks of April!
What Does Gold’s Test of Weekly LHR & Monthly SPR Portend?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.