Gold & Silver Correcting; Platinum Tops; Copper Plunging.
01/22/20 Weekly Re-Lay Alert: “Gold & Silver have retreated after surging into Jan. 6 – 10, perpetuating multiple weekly Cycle Progressions and fulfilling weekly LHRs – setting the stage for an intermediate peak. That also marked the culmination of a textbook, parabolic surge in Gold – another example of the 90/10 Rule of Cycles (where 80 – 90% of a price move occurs during the final 10 – 20% of a cycle).
Gold completed that sequence by spiking up to its monthly LHR (extreme upside target for Jan. ’20 at 1604.9/GCG) on Jan. 8… and then quickly reversed lower…
Combined with Silver’s inability to turn its weekly trend back up, and its failure to approach its Sept. ’19 peak, metals are increasing the potential for another round of selling that could stretch into the first week of Feb. 2020…
And to reiterate from the Jan. 18, ‘20 Weekly Re-Lay:
Copper could not give a weekly close above its previous peak, so a divergent high was likely forming. That would likely trigger a correction into early-Feb. – perpetuating a ~60-degree/~2-month cycle.
Copper set intermediate lows on June 5/7, Aug. 5/6, Oct. 1 and Dec. 3/4 – creating a ~2-month/~9-week low-low-low-low Cycle Progression. That cycle next comes into play on Feb. 3 – 7 and could time another low.
Reinforcing that is an intervening ~30-degree/~1-month low (Dec. 3) – low (Jan. 3) cycle that could help trigger a subsequent low around ~Feb. 3.
Copper is similar to Silver in that a daily close below 2 – 4 week support near 2.7600/HGH could trigger an accelerated drop to 2.6200 – 2.6400/HGH.”
Gold, Silver & XAU are in corrective phases that could spur another round of selling into early-Feb. Gold’s monthly LHR indicator continues to project overall rally into higher high in March 2020.
What Does Copper Sell Signal Mean for Metals… if Anything?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.