Gold Signaling Imminent Low
Gold Signaling Imminent Low;
Spike Below 1305/GCJ Would Corroborate…
XAU (Gold Stocks) Remains Weak.
02/28/18 Weekly Re-Lay Alert:
“Gold & Silver remain under pressure after rebounding and failing to turn their daily trends up on Feb. 15/16. That set the stage for a drop back to the Feb. 9 lows, which is now unfolding. Gold could see a spike down to 1300 – 1305.0/GCJ – fulfilling a ‘c = a’ wave target (decline = decline) while testing the Nov. ’17 highs – resistance turned into support…
The XAU remains the weakest (though not as weak as the HUI, which just set its lowest close since Dec. 2016), having resumed its decline after rebounding to within a few ticks of its weekly LHR – at 86.17/XAU – in mid-Feb. It did that while neutralizing, but not turning up, its daily downtrend – also signaling a drop back to recent lows.
As has been the case since late-Jan., when the XAU first triggered an intermediate sell signal, this decline is expected to stretch into March 5 – 9 before an intermediate low becomes more likely. That is the next phase of a 90-degree/3-month high-high-low-(low) Cycle Progression and a 360-degree move from the early-March 2017 bottom.
It is also the latest phase of an uncanny 30-degree cycle that has been expounded in recent updates.”
Gold remains much stronger than Gold stocks and continues to trace out a multi-year bottoming phase with successive ascending lows (developing uptrend). That is expected to trigger accelerated advances during 2 – 3 key periods in 2018!
If Gold can spike to 1300 – 1305/GCJ in the opening days of March, it would fulfill ‘a-b-c’ downside objectives – in price AND time – and set the stage for a new advance. However, it MUST close above 1309/GCJ on Friday’s(March 2) close.
See Weekly Re-Lay & INSIIDE Track for additional analysis and/or trading strategies.