Gold Retreats From Multi-Week Cycle Peak; Could Bottom Soon; Copper & Platinum Peak.
01/18/20 Weekly Re-Lay: “Gold & Silver have retreated after surging into Jan. 6 – 10, perpetuating multiple weekly Cycle Progressions and setting the stage for an intermediate peak.
That also marked the culmination of a textbook, parabolic surge in Gold – another example of the 90/10 Rule of Cycles (where 80 – 90% of a price move occurs during the final 10 – 20% of a cycle).
While surging into the convergence of a 36-week low (Dec. 11 – 15, ‘17) – low (Aug. 18 – 22, ‘18) – low (Apr. 22 – 26, ‘19) – high (Jan. 6 – 10, ’20) Cycle Progression as well as an ~18-week/~4-month low-high-(high) Cycle Progression – on Jan. 6 – 10 – Gold & Silver attacked their weekly LHRs on Dec. 27, signaling that a blow-off top should take hold in the following 2 – 3 weeks.
Gold completed that sequence by spiking up to its monthly LHR (extreme upside target for Jan. ’20 at 1604.9/GCG) on Jan. 8… and then quickly reversed lower. At least on a multi-week basis, that was a likely peak… metals could set a 2 – 4 week bottom in the coming week – while fulfilling a 10-week high-low-(low) Cycle Progression in Gold. The action of the next two weeks could go a long way in helping to clarify the outlook for Feb. – April 2020…
Copper spiked to new highs, delaying the onset of a more substantial correction. It could not give a weekly close above its previous peak, so a divergent high could be forming. If so, it would likely trigger a correction into early-Feb. – perpetuating a ~60-degree/~2-month cycle.
Copper set intermediate lows on June 5/7, Aug. 5/6, Oct. 1 and Dec. 3/4 – creating a ~2-month/~9-week low-low-low-low Cycle Progression. That cycle next comes into play on Feb. 3 – 7 and could time another ascending low.
Reinforcing that is an intervening ~30-degree/~1-month low (Dec. 3) – low (Jan. 3) cycle that could help trigger a subsequent low around ~Feb. 3.
Platinum surged to new highs, completing the cycle fulfilled on Dec. 23 and the buy signal triggered shortly after. It is fulfilling the potential for a 1 – 2 month peak in January 2020 – in sync with its 17 – 19-week low-low-low-low-high-high-(high) Cycle Progression. It would show no signs of peaking until a daily close below 1000.0/PLJ.”
Gold, Silver & XAU fulfilled analysis for intermediate peak in early-Jan. and could set an intermediate low – and begin a new advance – in the coming week. Gold’s monthly LHR indicator increases likelihood for rally into higher high in March 2020. Platinum setting multi-month peak as Copper prepares for sell-off.
How High Could Next Rally Carry Gold… into March ‘20?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.