Gold Reinforcing Outlook for New Surge into July 2019! Weekly Trend Must Confirm in late-May/early-June. When Will Silver & XAU Rally?
Gold Reinforcing Outlook for New Surge into July 2019! Weekly Trend Must Confirm in late-May/early-June. When Will Silver & XAU Rally?
05/04/19 Weekly Re-Lay: “Gold & Silver spiked to new lows, with Gold holding its previous low (on that daily close). Gold still needs a daily close above 1290.9/GCM to confirm a rally into May 13/14 – the next phase of that 12 trading-day low-high-high-(high) Cycle Progression…
Gold would need to turn its weekly trend back up, during the rally into late-May, in order to project higher highs into July 2019 (which would fulfill monthly cycles and also be the next phase of the ~7-week high-high cycle). For now, the late-Feb. cycle high remains the dominant force.”
Gold is corroborating the outlook for a new surge from April into July 2019 (with the XAU capable of stretching a corresponding advance into August 2019). Silver remains the ‘weaker sister’ and is still capable of spiking as low as 14.350/SI before bottoming and projecting a rally to new intra-year highs.
3 – 6 month Gold traders were just triggered back into long positions near 1270.0/GC in preparation for a new rally into July 2019. A bottoming phase should now unfold, with cycles expected to turn more decidedly bullish leading into late-May/early-June – when the weekly trend pattern should be decisive.
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.