Gold Fulfills Sell-off into Early-Oct & to 1467/GCZ… Reinforcing Outlook for Oct. – Dec. ’19. Consolidation Likely.
10/02/19 Weekly Re-Lay Alert: “Gold & Silver plunged from the Sept. 24/25 cycle (and daily trend pattern) high into Oct. 1, with Gold dropping from 1540.2/GCZ to its initial downside wave target at ~1467.0/GCZ.
That is where it fulfilled a basic ‘c = a’ wave target (new decline = initial decline) while retesting a convergence of downside targets at 1462 – 1467/GCZ (weekly HLS, previous July 19 high – a pivotal level of ‘resistance turned into support’, etc.).
It also bottomed very near its ascending weekly 21 High MAC (1461.3/GCZ) as it fulfilled the primary downside objective since the peak was set in late-Aug./ early-Sept. If Gold closes this week above 1492.1/GCZ, its weekly trend would remain neutral – a pattern that would likely project a rally back to the recent high.
Since this also comes during the week when the XAU weekly cycles bottom, this is worth watching closely to see if Gold can confirm a multi-week low. On Oct. 4 (or later), Gold would need to give a daily close above the Oct. 2/3 high to do that.
Silver dropped to weekly support and rebounded, almost making it back to its descending daily 21 Low MAC. It could still see an overall decline into mid-Oct. – perpetuating a 20 – 21 day high (July 3) – high (July 24) – high (Aug. 13) – high (Sept. 4) – high (Sept. 24) – (low; Oct. 14/15) Cycle Progression – and potentially corroborate that with an intervening high on Oct. 4.
The XAU maintains the potential for a drop to at least 86.00 – 86.80/XAU, and potentially back to 80.25 – 80.80/XAU. The current week’s HLS is at 86.26/XAU, reinforcing this initial downside target (the impact of that HLS would remain in force through Oct. 11).
It has initially fulfilled daily & weekly cycle lows (Oct. 1/2) but price action leaves open the potential for additional downside. That would remain the case until/ unless the daily & intra-month trends turn up. As of today’s close, the daily trend remains down and has not generated any new neutral signals.”
Precious metals confirm multi-month cycles peaking in late-Aug./early-Sept. and analysis for substantial declines in Sept. – Nov. ’19 (before bounce into early-Dec. ’19). Gold attacks 1467/GCZ – primary downside target for this phase of correction. Weekly trend pattern holds key.
Why Does early-Sept. peak need to hold for at least three months?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.