Gold & Silver Uptrends Prevail; Maintain Potential for Add’l Upside into Late-Jan/Early-Feb.  Why is 68.00/XAU Critical Support?  

Gold & Silver Uptrends Prevail; Maintain Potential for Add’l Upside into Late-Jan/Early-Feb.  Why is 68.00/XAU Critical Support?

01/12/19 INSIIDE Track Intra-Month Update: “Gold & Silver remain positive but have fulfilled almost all of what was expected from the late-Nov. buy signals… However, they remain in intermediate uptrends until daily closes below 1278.1/GCG & 15.490/SIH.

With Gold rallying right to its monthly (continuous) 21 High MARC and 21 High MAC while almost precisely matching the magnitude of its prior 4+-month advance (Dec. ’17 – Apr. ’18 & Aug. ’18 – Jan. ’19 rallies were both ~$130.0/oz. advances), it has exhausted most or all of its 3 – 6 month upside potential.  That means that any ensuing highs could be merely retests or slight spikes above 1300/GC

3 – 5 week and 1 – 3 month traders could have entered long positions in Feb. Comex Gold futures at an avg. of 1222.0/GCG and be holding 1/2 of these longs w/avg. open gains of about $6,700/contract.  Risk/exit on a daily close below 1278.1/GCG.  The other 1/2 should have been exited at 1286.5/GCG w/avg. gains of about $6,400/contract.

The XAU did spike higher this past week and could now see a quick correction into Jan. 14 – 18, the next phase of a ~9-week/~60-degree high-low-low-(low) Cycle Progression.

If that is fulfilled, and the XAU bottoms above 68.00, it would be in an ideal position to enter a new advance that could ultimately stretch into March 2019.  (That does not negate the potential for an initial high in late-Jan./early-Feb.).

3 – 5 week and 1 – 3 month traders could have entered long positions in XAU related vehicles (options, GDX, gold stocks, etc.) when the XAU was trading at 65.30 down to 62.97.  Risk/exit those positions on [reserved for subscribers].  TRADING INVOLVES SUBSTANTIAL RISK!  Exit 1/2 of these if/when 73.30/XAU is hit.

Gold, Silver and Gold/Silver Index (XAU) are fulfilling multi-week consolidation projected following their Jan. 2 – 4 peaks, with a potential intervening low on Jan. 14 – 18.  That should then yield another rally into late-Jan./early-Feb. when slightly larger-degree cycles peak.  The XAU has pivotal support surrounding 68.00.

Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.