Gold & XAU Confirming Oct./Nov. ’19 Lows; Revealing New Strength… XAU Weekly Trend Projects New Multi-Year Highs!
12/04/19 Weekly Re-Lay Alert: “The Dollar Index has sold off sharply, after reversing lower in perfect sync with its daily and weekly trend patterns – both triggering related sell signals at the recent high. It now needs a daily close below 97.35/DXH to turn both its daily and its intra-month trends down. The inversely-correlated daily 21 MARC rallies for the next 5 days, exerting a likely negative influence on current price action…
Gold & Silver rallied to new rebound highs… Corroborating that, the inversely-correlated daily 21 MARC will plunge for the next 6 days. To give some perspective, Gold would have to rally above 1518.8/GCG tomorrow in order to turn its daily 21 High MAC up (since that is the high of 21 trading days ago, the data replaced when calculating the new daily 21 High MAC).
On Dec. 10, however, Gold would only need to exceed 1480.7/GCG to turn its daily 21 High MAC up.
On Dec. 3, Gold closed above its descending daily 21 High MAC while turning its daily trend up. That ushered in a reactive pullback that could bottom tomorrow or Friday and spur another quick surge. A daily close above 1489.9/GCG is needed to confirm.
The XAU spiked above 98.00, reaching the primary upside objective from its Nov. 12 daily cycle low and daily trend buy signal. While that fulfills the 2 – 4 week objective from the test of multiple support levels (90.54 – 91.17/XAU), it does not yet fulfill the upside objective (xxx.xx/XAU) from its weekly trend signal in mid-Oct.”
Gold & XAU reinforce likelihood of new advance as part of bottoming phase in Oct./Nov. ‘19. Could ‘5th’ Wave advance be developing? Intermediate cycles provide intriguing potential for early-Jan. 2020.
What is in Store for Gold in 2020/2021?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.