Gold & XAU Poised for Bounce into Sept. 24/25 Before Resumption of Sell-off; Outlook for Oct. – Dec. ’19 Taking Form.
09/21/19 Weekly Re-Lay: “Gold, Silver & the XAU signaled 3 – 5 day lows on Sept. 18 and could/should see a bounce into Sept. 25…
Gold & Silver initially sold off after surging into the latest phase of an extremely unique combination of weekly cycles in late-Aug./early-Sept. Gold then corrected and twice neutralized its weekly uptrend after dropping right to its weekly HLS (1510.9/GCZ) on Sept. 6.
Gold spiked to new lows on Sept. 18 but did not close below its previous low, ushering in the likely time for a short-term rebound… The daily trend should be the key to Gold’s future, as this rebound matures. The more likely scenario is that the daily downtrend is neutralized twice (with daily closes above 1519.2/GCZ) during the evolving rebound and then Gold turns back down without reversing that daily trend back to up.
That is also important in the context of the weekly trend.
Gold & Silver, based on their intra-month downtrends, were expected to ‘spur some additional downside into Sept. 16 or 17 – before a 3 – 5 day low would become more likely’. In the case of Gold, it waited until Sept. 18 to spike to a new low, ushering in that time for a multi-day low.
It is in the process of rebounding with several factors focusing attention on the next 2 – 3 days are being pivotal. The daily cycles and daily trend pattern have already been discussed. Since Sept. 25 is the earliest the daily trend could turn up, that also makes it a prime candidate for a peak.
Then there is the flattening daily 21 MAC. Due to the impending three-day surge of the inversely-correlated daily 21 MARC, that 21 MAC is likely to turn down by mid-week (Sept. 24 or 25).
All of these factors increase the potential for Gold to see another 1 – 3 days of rebound with a secondary peak most likely on Sept. 25 (+ or – 1 day).
The XAU – like Gold – also retested its recent low and held, signaling a multi-day bounce. It has since rebounded and turned its daily trend up. That reinforces the short-term outlook for a ‘b’ wave bounce into the coming week. That peak would ideally be set at 96.60 – 97.45/XAU.
The intermediate outlook is still for a drop to at least 86.00 – 86.80/XAU, and potentially back to 80.25 – 80.80/XAU. It is expected to spike to new lows at some point during Sept. 23 – Oct. 4 – perpetuating an 18 – 19 week low-low-low-(low) Cycle Progression.”
Precious metals confirming projected late-Aug./early-Sept. peaks and reinforcing cycles converging in March 2020! Intervening bounce into Sept. 24/25 likely, before next leg down. Gold targeted for intermediate drop to 1460 – 1470/GC… and then…
What Should September Sell-off Signal for Oct. – Dec. 2019?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.