Gold Preparing for ‘Imminent Low’? New Long Positions Triggered as Gold Tests Decisive Support Around 1270.0/GC. How High Could Next Rally Reach?
Gold Preparing for ‘Imminent Low’? New Long Positions Triggered as Gold Tests Decisive Support Around 1270.0/GC. How High Could Next Rally Reach?
04/20/19 Weekly Re-Lay:
“Gold & Silver sold off again (reinforcing the synergy of cycle highs that converged on Feb. 19 – 22) – after rallying into daily & weekly cycles peaking on ~April 10. At that time, Gold attacked its weekly LHR (signaling a multi-week high), the high of the year-opening range, and the monthly Raw SPR (all at 1312.1 – 1315.3/GCM) that signaled an intra-month peak.
All of that helped to perpetuate Gold’s ~7-week low-low-low-high-high-(high) Cycle Progression – that had already timed the early-Jan. & late-Feb. peaks with precision in a lead-up to this latest peak – and projected a new sell-off.
The April 10 peak arrived exactly 7 weeks/49 days from the Feb. 20 peak – reinforcing that ~7-week cycle and projecting focus to its next phase on May 28 – 31…
With Silver spiking down into the extreme of weekly cycles, after Gold spiked up to multiple price extremes in late-Feb., it reinforces that a multi-month period of congestion is intact. That is reinforced by the levels that were just tested in Gold, the minimum downside target for triggering new long positions that were exited in late-Feb.
Since the Feb. 20 peaks (see Feb. 20, 2019 INSIIDE Track Report – Gold & Silver 2019 – Cycle Crescendo?), Gold & Silver have been in a correction that was expected to stretch into April.
3 – 6 month & 6 – 12 month traders and investors – basis the INSIIDE Track newsletter – were advised to exit long positions in Feb. and to wait to re-enter Gold until it reached, at the very least, 1274.5/GCM.
Gold just reached that level on April 18 – creating a noteworthy fulfillment of timing and price projections. (See the April 2019 INSIIDE Track for additional details on this trading strategy.)
Could this be a sign of an impending, intermediate bottom? The next few days should provide important clues as both Gold & Silver are in the strongest position for an initial rally.”
Gold is showing signs of an imminent bottom as 3 – 6 month traders were just triggered back into long positions (exited near the late-Feb. peak). A bottoming phase could take some time, but cycles are expected to turn bullish leading into late-May. That should reinforce and reveal what is most likely for Gold as part of overall (projected) advance into June/July 2019.
Could Gold soon validate Month of Aggression events?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.