Gold & Silver Honing Outlook for 2020; Rally into Dec. ’19 Expected First… Two Key Cycles in 2020 in Focus!
11/30/19 Weekly Re-Lay: “Gold & Silver remain on track for secondary highs in early-Dec…
Gold & Silver are still expected to remain below the late-Aug./early-Sept. ‘19 cycle highs – peaks that were projected to hold for at least 2 – 3 months and potentially longer. The next cycle high of similar magnitude (actually, one degree higher) comes into play in ~March 2020, when the next multi-month peak is anticipated.
In between, metals are expected to set an intervening high on Dec. 2 – 13… ideally on Dec. 9 – 13 – the latest phase of ~7 & ~14 & the midpoint of the latest ~28-week cycle.
They have rebounded since selling off into Nov. 12, with Gold completing successive 10-week corrections while Silver attacked its primary (multi-month) downside target at 16.50 – 16.80/SIZ, fulfilling a larger-magnitude downside objective and setting the stage for a 1 – 2 month low.
Silver’s test of 16.50 – 16.80/SI also had it attacking the highs of Jan. ’19 – a critical level of 6 – 12 month ‘resistance turned into support’. That intra-year trend support could hold through year-end, reinforcing the potential for a rebound into early-Dec. before a new sell-off is more likely.
With the weekly trend reversals of early-Oct. (Gold) and early-Nov. (Silver), the 1 – 3 month trends are down and could still spur another wave down after this rebound peak.
As for the coming months, a 1 – 2 month low is expected in [reserved for subscribers]… That would create a symmetry of timing factors…
At least one other key cycle comes into play later in 2020 and [reserved for subscribers].
Gold & Silver are following their short-term scenario with Silver pulling back enough to twice neutralize its new daily uptrend, as Gold dropped back toward its low, before both entered a new 1 – 2 week bounce. At the very least, Silver should see a rebound back above 17.355/SIH.
If they are going to rally into Dec. 9 – 13, the ideal scenario would be to have Gold & Silver rally to their weekly LHR levels in the coming week (1482.5/GCG & 17.60/SIH), close at or below those levels on Dec. 6, and then spike higher & reverse lower on Dec. 9 – 13.
The XAU has rallied since pulling back to test and hold monthly support (90.54 – 91.17/XAU) and its daily 21 Low MAC support (90.75/XAU) on Nov. 12.
This past week, it fulfilled projections for an intervening low on Nov. 26… That is also the midpoint of the 28 – 29-day Cycle Progression that also projects an advance into Dec. 10/11. And it corroborates the cycle that pinpointed the Nov. 20 high – an 11 – 13 trading day (~17 calendar day) low close (Sept. 13) – low close (Sept. 30) – low close (Oct. 15) – high close (Nov. 1) – high close (Nov. 20) Cycle Progression that projects the next high close for Dec. 6 – 10. It is likely to attack 98.00/XAU in the coming week.”
XAU reinforces likelihood of advance into Dec. 10 – 13. Price action should clarify what to expect from then into late-Dec. Subsequent cycles provide intriguing potential for late-Dec. – into early-Jan. 2020.
When is Next Multi-Month Cycle Low in Gold?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.