Gold & Silver Reverse Lower in Sync with ~7-Week Cycle Progression; Project New Declines into April 17 – 18. Watch April 18 – 29 in Gold & Dollar!
Gold & Silver Reverse Lower in Sync with ~7-Week Cycle Progression; Project New Declines into April 17 – 18. Watch April 18 – 29 in Gold & Dollar!
04/13/19 Weekly Re-Lay:
Gold & Silver rallied precisely into daily & weekly cycles peaking on/around April 9/10 with Gold attacking its weekly LHR, the high of the year-opening range, and the monthly Raw SPR (all at 1312.1 – 1315.3/GCM).
That set the stage for fulfillment of its ~7-week low-low-low-high-high-(high) Cycle Progression – discussed in the April 6 Weekly Re-Lay – that timed the early-Jan. & late-Feb. peaks with precision.
The April 10 peak – arriving exactly 7 weeks/49 days from the Feb. 20 peak – perpetuated that ~7-week cycle and projects focus to its next phase on May 28 – 31. A subsequent peak on/around May 28 – 31 would perpetuate a corresponding 13 – 14 week low-low-high-(high) Cycle Progression… as well as this prevailing, ~7-Week Cycle Progression.
The April 10 high also fulfilled and perpetuated a 12 trading-day low-high-(high) Cycle Progression in Gold that was also discussed last week. (It projects a future daily high for ~April 29.) That led to the April 6 conclusion that Gold & Silver could see a quick, additional 2 – 4 day surge and then enter a new decline. They rallied for 3 days and then turned back down…
Silver spiked to new lows and reinforced its ~5-month/20 – 22 week high-high-high-high-low-(low) Cycle Progression that could stretch a final low into April 15 – 18. It fulfilled its daily trend pattern, so a short-term low could take hold at any time.
1 – 5 day Outlook:
Gold & Silver fulfilled expectations for another 2 – 4 day quick rally and a likely peak on April 10, providing contrasting daily trend signals that reinforce the ongoing divergence and could produce a low now. Both metals closed the week in neutral intra-month trends, reinforcing that possibility…
The XAU surged to weekly resistance and the weekly LHR – at 78.16 – 78.30/XAU. That ushered in the potential for a weekly 2 Close Reversal Combo lower, which was fulfilled when it closed below 76.36/XAU on April 12. (Gold & Silver generated similar signals.)
That could trigger a retest of 1 – 2 month support around 72.20/XAU. At the very least, it could spur a drop to 73.68/XAU – the coming week’s HLS. A daily close below 75.41/XAU is needed to turn the daily trend back down and validate that potential.
Copper is locked in congestion, which has already included a spike to new multi-month highs while retesting 3 – 6 month resistance around 3.000/ HG. It needs a weekly close above 2.9935/HGN to signal a new advance and project a surge above 3.2500/HGN in the ensuing months. Until that occurs, expect a trading range between ~2.8400 and ~3.0000/HGN.”
Gold, Silver & XAU confirm April 10 cycle peak and subsequent (projected) new decline. Quick drop should last into (at least) April 17 – 18. Watch Dollar action in final weeks of April!
Why is April 18 – 29 a Pivotal Time Frame for Gold & Dollar?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.