Gold’s May 31 Buy Signal Projects Surge into July ‘19; Reinforces 1 – 2 Year Outlook for Advance into July/August ’19 (as Part of Larger Rally).
Gold’s May 31 Buy Signal Projects Surge into July ‘19; Reinforces 1 – 2 Year Outlook for Advance into July/August ’19 (as Part of Larger Rally).
06/12/19 Weekly Re-Lay Alert: “Gold & Silver pulled back to weekly support levels to begin the week. They remain in daily uptrends, so a rally to new highs (particularly in Gold) could take hold at any time.
Up until now, however, Gold & Silver have failed to turn their new intra-month trends up (it would take daily closes above 1348.9/GCQ & 15.040/SIN to do so), so there is some limbo on a short-term basis.
On a 2 – 3 month time horizon, Gold triggered a monthly 2 Close Reversal higher in May – confirming its late-April/early-May buy signal and projecting 1 – 3 months of upside follow-through…
The XAU remains strong after bottoming on May 22 while completing a 3-month/90-degree decline from the late-Feb. peak and fulfilling an 8-month high (Jan. ’18) – low (Sept. ’18) – low (May ’19) Cycle Progression, the latest phase of which included a 5-month rally and 3-month decline (.618 ratio).
That May 22 low signaled the onset of a projected 5-week rally that is expected to last into June 24 – 28 and perpetuate an 18-week high-high-high-(high) Cycle Progression (part of a larger 18 – 20-week Cycle Sequencedating back to Aug. 2016). The XAU needs a weekly close above 75.54 to turn its weekly trend back up and project additional upside in 3Q 2019.”
Gold continues to reinforce bullish signs after triggering traders back into long positions in late-April/early-May (near 1270.0/GC). It remains on track for April – July ’19 advance (and then future rally into 1Q 2020). The XAU remains on track for an overall surge into July/August ‘19 and ideally above 90.00. Silver is slowly turning positive.
How High Could Gold & Silver Reach by/in July/August?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.