Gold Poised for Early-Aug. Spike High
07/29/17 Weekly Re-Lay:
“Gold & Silver have rallied after precisely fulfilling projections for a multi-week low on July 10th, the latest phase of a ~2-month/60-degreee low (March 10)–low (May 9)–low Cycle Progression AND a 17–19 day high-high-high-(low) Cycle Progression in Gold.
That ~2-month cycle could produce another low around Sept. 11th (with a possible intervening low on Aug. 9–11th, the midpoint of that cycle).
They turned their daily 21 MACs up, reinforcing their daily uptrends (and Gold’s intra-month uptrend) while fulfilling cyclic projections for a quick surge from July 10th into July 24–28th – the latest phase of a 7-week high-high-high-(high) Cycle Progression.
This added sign of strength could extend Gold’s rally into the coming week. That is corroborated by the weekly trend that has gone from down to neutral twice…
Gold & Silver have reached initial upside targets for this rally, with Gold spiking up to the convergence of its weekly resistance, weekly 21 High MAC & weekly 21 High MARC – grouped at 1273.1–1277.0/GCZ. That reinforces the significance of 1277.0/GCZ, moving forward.
The weekly trend action – in both Gold & Silver – argues for some additional upside into early-August… before a new decline takes hold. The next intermediate low is still expected in mid-to-late-Sept. ‘17, creating cycle & wave symmetry.
A low on Sept. 11–15th would also perpetuate the consistent 9-week/~2-month low-low-low Cycle Progression that just pinpointed the July 10th low.
A low at any point in Sept. 2017 would create a 21-month high (Mar. ’14)–low (Dec. ’15)–low (Sept. ’17) Cycle Progression. (That is the same 21-month cycle that helped pinpoint the Sept. 2011 all-time high in Gold, the culmination of a 21-month low-high-high-high Cycle Progression… and then spurred a 21-month drop into June 2013. So, it has been in force for nearly a decade.)
The XAU fulfilled projections for a rally from July 10th that quickly projected a surge to 85.10–85.60. It fulfilled that price objective and closed the week in the midst of that target range, increasing the potential that a peak could be set in this time frame (after a 50% rebound in time). That is corroborated by the weekly trend pattern.
That would set the stage for a quick drop into its next intermediate cycle low – August 7–11th – as part of an ongoing, ~5-month trading range. Based on the daily & weekly trend patterns, that is more likely to be a higher low. The level of that expected low should shed some light on what to expect in the final 4+ months of 2017.”
Gold & Silver are poised for additional spike highs in early-August, before a likely sell-off into August 9–11th. The XAU (Gold stocks) fulfilled its rebound price target and remains the weakest, set for another decline – into August 7–11th. Sept. 2017 = Decisive cycle convergence in Gold!
See Weekly Re-Lay & INSIIDE Track for additional analysis and/or trading strategies.