Gold Poised for Peak Near 1840/GC; Silver/XAU/HUI Sell-off into Late-Sept Likely.
09/01/21 Weekly Re-Lay Alert – Gold & Silver are still rebounding with Gold reinforcing the potential to spike as high as 1840/GCZ in the near term – and retest another critical range-trading parameter – before peaking.
The weekly Raw SPR and HHR come into play at 1841.5 – 1846.2/GCZ and corroborate that. The initial Intra-week PLLR is at 1842/GCZ – reinforcing that upside target range. Tomorrow’s LHR (applicable for Sept 2 and 3) is 1842/GCZ…
Ultimately, Silver maintains the potential to drop back to at least 22.88/SIZ and set a low in sync with a ~6-month high (Sept ’19) – low (Mar ’20) – low (Sept ’20) – low (Mar ’21) – low (~Sept ’21) Cycle Progression. A more precise 27 – 28 week high (Feb ’19) – high (Sept ’19) – low (Mar ’20) – low (Sept ’20) – low (Mar ’21) – low (Oct 4 – 15) Cycle Progression could push that into the first half of Oct ’21.
As long as Silver sets a daily close below 23.16/SIZ and/or a weekly close below 23.16/SIZ at that time, it would fulfill that cycle.
The XAU has rallied after fulfilling analysis for a drop to new intra-year lows on Aug 19/20 as the overall equity market spiked lower into Aug 19. It did that while reaching its multi-month HHL objective at 125.87/XAU – created by the peak at 167.09 and the secondary high at 146.48/XAU…
The monthly trend did not turn down so the XAU remains in a broad trading range – created by the range (low – high) of July – Aug ’20. That larger-magnitude congestion could extend through Sept and potentially into Oct ’21. The HUI is similar and could see a rebound to 270 – 275 before a drop into early-Oct ’21.”
Gold & Silver are on track for another sell-off with Silver, XAU & HUI focused on cycle lows in late-Sept/early-Oct ’21. A 3 – 6 month (or longer) bottom at that time would fulfill multiple cycles and potentially set the low of a ‘c’ wave decline in Silver… ushering in the time for a new rally into 1Q ’22.
In the interim, Gold is expected to peak near 1840/GC and then turned back down. The XAU fulfilled major cycle highs in Aug ’20 and May ’21 and is expected to drop toward ~115.00/XAU as part of this initial decline. With HUI cycles bottoming in early-Oct ’21, gold and silver mining shares are likely to follow Silver cycles and decline into that time frame.
How Does Recent Action Validate the Multi-Year Outlook?
What does this mean for the next multi-month cycle high in ~Feb. ’22??
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.