Gold Stocks Lead Way: XAU On Track for Surge to ~102.00 into Dec. ‘19. Gold & Silver Signal New Multi-Week Advance.
11/13/19 Weekly Re-Lay Alert: “Gold & Silver remain below the late-Aug./early-Sept. ‘19 cycle highs – peaks that were projected to hold for at least 2 – 3 months. Those highs fulfilled the latest phase of ~7, 13 – 14 & 27 – 29-week cycles while reinforcing the latest 54 – 59 week cycle (that projects a more significant peak in March ’20) – peaking at its midpoint.
They turned back down on Nov. 4, showing new weakness after Gold completed a 3-week reactive bounce in sync with its weekly trend reversal. The recent sell-off fulfilled another facet of the outlook for Gold – dropping to new correction lows (also fulfilling its weekly trend pattern).
Silver turned its weekly trend down, joining Gold and significantly reducing the potential for a retest of its high in 2019. However, Silver just spiked into its primary (multi-month) downside target at 16.50 – 16.80/SIZ, fulfilling a larger-magnitude downside objective.
With both Gold & Silver now fulfilling critical downside targets, and Silver now due for a reactive 1 – 3 week bounce, the time is ripe for at least a multi-week low.
From a price/wave perspective, Silver’s test of its 16.50 – 16.80/SI downside target also has it attacking the highs of Jan. ’19 – a pivotal level of 6 – 12 month ‘resistance turned into support’.
Another reason for a potential low involves the projected future cycle high on Dec. 2 – 13. Leading into that potential (1 – 2 month) peak, one of the keys will be the weekly trend patterns.
Since it would take at least three weeks for the weekly trends to turn back up (or a minimum of three weeks for those weekly trends to turn neutral twice and then peak without turning up), a low should be intact this week in order to leave enough time for a ~3-week rally.
Gold has also just fulfilled what was necessary to complete successive, 10-week corrections (late-Feb. – early-May and early-Sept. – Nov. 11 – 15). It needs a daily close above 1474.5/GCZ (and 17.18/SIZ) to give the first sign of reversing higher.
The XAU remains more bullish and has pulled back to test and hold monthly support (90.54 – 91.17/XAU) and its daily 21 Low MAC support (90.75/XAU) as it perpetuated a 28 – 29 day low (Aug. 19) – low (Sept. 16) – low (Oct. 15) – low (Nov. 12/13) Cycle Progression.
If confirmed, that would project a 28 – 29-day advance into Dec. 10/11 – dovetailing with weekly cycles that project a peak on Dec. 2 – 13. A daily close above 94.21/XAU would turn the daily trend back up and validate this potential scenario.”
Gold poised for imminent bottom that could hold for 1 – 2 months. Silver testing multi-month support (~16.50/SI) and could have bottomed – along with Gold – on Nov. 11/12. Look for new rally from mid-Nov. into Dec. 9 – 13.
Why is XAU Destined to Set New 1 – 2 Year Highs… Ideally in Dec. 2019?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.