Gold Triggers Bullish Ricochet! Signals New Strength as Silver Concurs; Break Above 1360 Projecting Gold Surge to ~1445/GC.
Gold Triggers Bullish Ricochet! Signals New Strength as Silver Concurs; Break Above 1360 Projecting Gold Surge to ~1445/GC.
06/19/19 Weekly Re-Lay Alert: “Gold & Silver pulled back on Monday, with Gold attacking and holding its daily HLS and reversing up – creating a bullish ricochet pattern (LHR – HLS – LHR). It rallied on Tuesday and turned its intra-month trend up – showing new strength and signaling additional upside in June…
Silver pulled back to its now-ascending daily 21 High MAC and daily trend support – reinforcing its daily uptrend and projecting a surge to new highs. It is now in a position where it could accelerate higher if/when it closes above 15.150/SIN.
Reinforcing the focus on June 24 – 28, this week (June 21) is the first time that both Gold & Silver can turn their weekly trends up together. Both have now neutralized their weekly downtrends multiple times, requiring weekly closes above 1352.7/GCQ & 15.150/ SIN to reverse those trends up.
That needs to occur in order to extend this rally beyond June (the minimum for the 17 – 18 month high – high cycle) and stretch this advance into July (or even August) 2019. However, the reversal of those trends would pinpoint June 24 – 28 as the likely time for an initial peak and reactive (1 – 3 week) pullback. So, a sharp surge is very likely during the culminating days of this cycle (90/10 Rule of Cycles).
June 24 – 28 is also the third week since Gold tested and held its weekly LHR on June 7. An intermediate peak usually takes hold within three weeks of that test. Gold is likely to retest 14xx.x/GCQ…
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 (~1270.0/GC) and projecting 1 – 3 months of bullish, upside follow-through. That reinforces this overall scenario (rally into June 24 – 28, followed by 1 – 3 week pullback, followed by rally to new highs) for precious metals.
The XAU provided powerful validation to its May 22 low, turning its weekly trend up and confirming a multi-month bottom. It is still expected to extend this advance into June 24 – 28 and perpetuate an 18-week high-high-high-(high) Cycle Progression (part of a larger 18 – 20-week Cycle Sequence dating back to Aug. 2016). It should exceed its Feb. ’19 high of 80.76 before a peak becomes more likely.
This comes after it bottomed 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).”
Gold breaking out higher and reinforcing 1445.0/GC target. 3 – 6 month buy signal (in late-April/early-May… near 1270.0/GC) & May 31 2 Close Reversal bullish signal project increasing gains. Gold/Silver Index (XAU) reinforcing forecast for overall surge into July/August ‘19 and ideally above 90.00. Silver is nearing acceleration point.
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.