Gold Trading: Second Sell-off Takes Hold After Projected 3-Week Bounce Peaks (Nov. 1/4); Daily & Weekly Trends Remain Negative. XAU Diverges.
11/06/19 Weekly Re-Lay Alert: “Gold & Silver turned back down on Nov. 4, showing new weakness after fulfilling the minimum expected from the rally from mid-Oct. (with Gold remaining in a negative daily trend structure). They remain stuck in the same 7 – 8-week range of congestion, ushered in by the late-Aug./early-Sept. ‘19 cycle highs.
They also maintain conflicting weekly trend signals, reinforcing expectations for more back-and-forth trading in the coming weeks (or months).
That will remain the case until/unless Gold gives a weekly close below 1465.0/GCZ. The daily trends are also in conflict. Gold was unable to turn its daily trend up during the recent rally, leaving open the potential for a drop back to 1465.0/GCZ. That potential would remain intact until a daily close above 1525.8/GCZ.
The XAU remains more bullish but needs to [reserved for subscribers]…”
Gold enters new decline after fulfilling projections for ~3-week bounce from mid-Oct. – in lockstep with weekly trend signal. Throughout the entire 3-week rally, Gold’s daily & weekly trends remained in negative territory.. Gold has intriguing cycles that could produce a low on Nov. 11.
What Do Cycles & 21 MACs Project for Nov./Dec. 2019?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.