Gold Reinforces Bullish XAU Signals; Projects New Surge into Late-June… and Overall Rally into July/August ’19.
Gold Reinforces Bullish XAU Signals; Projects New Surge into Late-June… and Overall Rally into July/August ’19.
06/05/19 Weekly Re-Lay Alert – Gold & the 90/10 Rule: “Gold & Silver surged into June 5 and right to extreme upside targets – fulfilling price and timing objectives and ushering in the potential for a 1 – 2 week high. That would only remain the case, however, until daily closes above 1348.9/GCQ & 15.040/SIN.
If those highs hold in the coming days, Gold could see a quick pullback to 1310 – 1315.0/GCQ, where multiple levels of support converge (even as Silver could drop back toward its low).
As explained in the beginning of this Alert, a rally into June 3 – 7 and up to 15.000 – 15.080/SIN was the ideal scenario for Silver, which has just been fulfilled. That allowed Silver to test the convergence of three consecutive weekly LHR levels, while Gold tested its own weekly LHR (1349.2/GCQ).
While this increases the potential for an initial high, it also reinforces the potential for another rally (in Gold) into June 24 – 28, in sync with XAU analysis…
The XAU has powerfully validated the potential for a new ~5-week rally from its May 22 low – after fulfilling weekly & monthly cycles.
This rally should last into June 24 – 28 and perpetuate an 18-week high-high-high-(high) Cycle Progression that is part of a larger 18 – 20-week Cycle Sequence dating back to Aug. 2016. It would also complete the fourth 5-week rally since the Sept. ‘18 low.
If the XAU can turn its weekly trend back up – while rallying into late-June – it would be positioned for a brief pullback and then another advance into the July/Aug. ‘19 cycles.”
Gold is reinforcing analysis for a new surge from April into July 2019 as the XAU reinforces its May 22 low and projects an overall surge into July/August ‘19. Silver recovering but not yet ready for strong advance.
3 – 6 month Gold traders were triggered back into long positions in late-April/early-May (near 1270.0/GC) to position for a new, potentially accelerated rally into July 2019. Gold’s ~7-week (and 14 & 21-week) projects overall rally into July 15 – 22, 2019.
How Would Precious Metals’ Surge into July/August Impact Outlook into late-2020?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.