Gold & Silver Weekly Trend Patterns Project Larger Advance After Current Pullbacks; Turn Focus to Aug. ’19 Cycles. Platinum Concurs!
07/06/19 Weekly Re-Lay: “Gold & Silver have pulled back since surging into cycle highs on June 24 – 28 but maintain the potential for additional highs after a brief reactive pullback…
Gold & Silver have pulled back after surging into June 24 – 28, when daily & weekly cycles converged – with Gold testing the upper end of its primary (1 – 2 year) upside target at 1445.0/GC.
That came in the week after Gold & Silver turned their weekly trends up – an indicator that signals the time for an initial (2 – 4 week) top while increasing the odds for another rally after that correction. That peak also occurred in the week after Gold tested and held its weekly LHR (and in the third week after Gold had previously done the same thing)…
For now, the weekly trends remain up and are still expected to spur a new advance following the current pullback. Gold just tested and held its weekly HLS, so an intermediate low should take hold in the coming weeks…
Gold & Silver are vacillating near their highs with Gold spiking back up into July 3 and then reversing lower. It has twice neutralized its daily uptrend (Silver has done it once) while dropping to its daily 21 High MAC…
The XAU initially fulfilled expectations for a surge from May 22 into June 24 – 28 and up to ~86.00/ XAU, where this new rally equals the magnitude of the Sept. ’18 – Feb. ’19 advance. Since it is expected to be an impulse wave, in the direction of the major (new) trend, it should ultimately exceed the magnitude of the previous advance.
The XAU gave a monthly close above 80.76 – a more convincing bullish signal that allowed the XAU to close above its monthly 21 High MAC for the first time since Aug. 2017. It pulled back to begin July, dropping precisely to support at 80.50 – 80.76/XAU, and rebounded. Since it did not turn its daily or intra-month trend down, during that spike low, the XAU should rally to new highs in the short term.
The weekly LHR comes into play at 86.54/XAU and could be tested as part of a volatile whipsaw in this index. If the XAU is going to extend this advance (beyond a spike up to ~86.54), it needs to give a daily and then weekly close above 86.00.
Copper reversed lower on July 1 after rebounding for a month but failing to neutralize its weekly downtrend. It should see a drop to new lows.
Platinum topped on July 1 in sync with the latest phase of its ~4-week low-low-high-high-high-(high) Cycle Progression. That should spur selling into July 12 – 19, fulfilling a 6 – 7-week high-high-high-low-(low) Cycle Progression, and then prepare it for a rally into mid-to-late-Aug. – the next phase of a 17-week low-high-(high) Cycle Progression.”
Gold, Silver & XAU positioning for new (larger?) advances after current pullback; Weekly trend patterns project additional surges in 3Q ‘19. Gold/Silver Index (XAU) maintains decisive support at ~80.76 that should spur surge above 88.19 in July… and corroborate outlook for strength in Aug. ’19. Monthly trend signal is also crucial in Aug. ’19. Silver poised for accelerated rally, as it signals time to outperform Gold.
Will Platinum Also Surge into Late-Aug. ‘19?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.