Gold Remains on Track for early-March ’20 Peak; Silver & XAU Nearing Tops.
02/19/20 Weekly Re-Lay Alert: “Gold & Silver both surged (along with the XAU), reinforcing Gold’s outlook for a new rally – to higher highs – leading into early-March ’20.
The Feb. 15 Weekly Re-Lay reiterated this:
Gold has a trio of contrasting daily Cycle Progressions AND a trio of corroborating weekly Cycle Progressions, as well as a 180-degree cycle focused on Feb. 27 – March 4 for a potential peak.”
Silver reached its corresponding weekly LHR (18.185/SIH) while the XAU has done the same, reaching synergy of weekly LHRs at 107.40 – 107.59 (with monthly resistance at 108.25 – 108.45).
The interesting thing about Silver is that it has been in a corrective mode – on one level or another – since its peak in early-Sept… Silver is still showing congestion – a corrective wave structure.
Meanwhile, Gold has surged to new multi-year highs while extending this rally to another 14-week advance. It would not show any signs of topping until, at the very least, a daily close below 1598.5/GCJ.
The XAU turned its intra-month trend up, re-entering its daily uptrend, and then surged to its weekly LHR levels. A daily peak at this time would fulfill an 11 – 13 day low (Nov. 26) – low (Dec. 9) – low (Dec. 20) – high (Jan. 2) – high (Jan. 15) – high (Jan. 27) – high (Feb. 7) – high (Feb. 18 – 20) Cycle Progression as well as a 16 – 19 trading-day low (Oct. 15/16) – low (Nov. 12) – low (Dec. 9) – high (Jan. 2) – high (Jan. 27) – high (Feb. 18 – 21) Cycle Progression.”
Gold, Silver & gold stocks (XAU Index) reinforcing overall outlook for 2020/2021 (see related Special Reports and The Bridge publications).
Why is Silver Still So Weak?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.