Gold Corroborates Outlook for New Surge into July 2019! Weekly Trend Must Confirm in late-May/early-June. ~1312/GC = May ’19 Target.
Gold Corroborates Outlook for New Surge into July 2019! Weekly Trend Must Confirm in late-May/early-June. ~1312/GC = May ’19 Target.
05/11/19 Weekly Re-Lay: “Gold & Silver briefly rebounded but Gold needs a daily close above 1290.9/GCM to confirm that a multi-week low is intact, even as Gold rallies into May 13/14, the next phase of a 12 trading-day low-high-high-(high) Cycle Progression.
In recent weeks, Gold reached its downside objective (a spike below 1270.0/GC, described since the late-Feb. peak) and immediately rebounded – adding credibility to the argument that Gold completed its corrective phase in late-April. Even though a low appears to be intact, it will take substantial work (and time) to signal a reversal of the 2 – 3 month trend – back to up.
On a multi-week basis, the focus remains on May 28 – 31 for the next intermediate high. That is the next phase of a ~7-week low-low-low-high-high-high-(high) Cycle Progression in Gold and a corresponding 13 – 14 week low-low-high-(high) Cycle Progression in both metals.
The weekly trend patterns (Gold, Silver and XAU) and weekly 21 MACs project that to be a lower high. Gold would need to turn its weekly trend back up, during the rally into late-May, in order to project higher highs into July 2019 (which would fulfill monthly cycles and also be the next phase of the ~7-week high-high cycle)…
From a bullish perspective, the ideal scenario would be to have Gold rally into late-May, turn its weekly trend up on the May 31 weekly close, enter a 1 – 2 week reactive pullback in early-June, and then rally to new highs leading into/through July 2019 – when another multi-month peak is expected.
Based on weekly LHRs, monthly resistance, intra-year trend resistance, a range-trading objective and the weekly 21 High MAC & MARC (in a couple weeks), Gold is likely to rally to 1312 – 1318/GCM in the month of May. It would need to close above that range to show new and escalating strength.”
Gold is corroborating the outlook for a new surge from April into July 2019 (with the XAU capable of stretching a corresponding advance into August 2019). Silver remains the ‘weaker sister’ and is still capable of spiking as low as 14.350/SI before bottoming and projecting a rally to new intra-year highs. Gold’s ~7-week (and 14 & 21-week) projects overall rally into July 15 – 22, 2019.
3 – 6 month Gold traders were recently triggered back into long positions near 1270.0/GC in preparation for a new, potentially accelerated rally into July 2019. A bottoming phase should continue to unfold, with cycles expected to turn more decidedly bullish in late-May/early-June – when the weekly trend pattern should be decisive.
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.