Gold, Silver & Copper Trading: Gold & Silver Fulfill Upside Potential & Cycle Highs as Copper Could See More Buying.
Gold, Silver & Copper Trading: Gold & Silver Fulfill Upside Potential & Cycle Highs as Copper Could See More Buying.
02/23/19 Weekly Re-Lay:
Gold & Silver surged after pulling back into daily cycle lows on Feb. 13 – 14. They have now entered the long-awaited cycle convergence when a multi-month peak is more likely…
Gold surged to dual weekly LHR levels (extreme upside targets for this week) at 1344.5 – 1345.2/GCJ while testing the monthly Raw SPR(1350.0/GCJ) and overall monthly resistance (the projected high for Feb. 2019) at 1350.5 – 1363.4/GCJ.
At the same time, Silver retested its high (16.20/SIH) while twice neutralizing its daily downtrend…
Now that timing indicators are initially fulfilled (since Jan. 2018, the focus has been on the next phase of the 55 – 59 week cycle – and a host of related cycles – in late-Feb./early-March 2019 for the next decisive peak), it is all up to price action.
…Silver failed to turn its weekly trend up and closed the week inside its Jan. 1 – 4 trading range (the very smallest determinant of a year-opening trading range). So, Silver’s intra-year trend remains neutral – as it has for the entire year (so far).
Along with the initial fulfillment of upside cycles and price targets, this also provides an opportunity for partial profit-taking on 3 – 6 month long positions as discussed in the recent INSIIDE Track – Gold & Silver 2019 – Cycle Crescendo? report.
Those buy signals, from about 1180/GC & 14.40/SI, have run their course…
Gold & Silver surged into the latest phase of their 6 – 7 week low-low-low-low-high-(high) AND 13 – 14 week low-low-low-low-high-(high) Cycle Progressions – allowing Silver to retest its recent high and potentially set a double top (as Gold surged to higher highs)…
Like Gold, the XAU is in a parabolic phase – accelerating to the upside and attacking its monthly projected high/resistance at 80.42 – 82.56. That also includes the descending monthly 21 High MAC.
On a near-term basis, the XAU could still have set another 3 – 5 day (or 1 – 2 week) peak on Feb. 20/21 – the latest phase of a 21 – 22 day low-high-high-high-(high) Cycle Progression…
Copper continues to surge, beginning the year by retesting its Aug. ’18 low (fulfilling its weekly trend pattern) and fulfilling a 20-week low-low-(low) Cycle Progression and a 15-week high-high-(low) Cycle Progression – both on Jan. 2 – 4, 2019. That bottom triggered a new 2 – 3 month advance.
From a broader perspective, that reinforced the ‘4th wave of lesser degree’ support (~2.4500/HG) that had been forecast (in 2Q & 3Q ’18) to produce the next 6 – 12 month bottom and usher in a rally back to its high (~3.3000/HG).
It has nearly reached its monthly LHR at ~2.9700/ HGH (extreme upside target for Feb. ’19) and should find the next level of resistance around 3.0000/HGH – where several previous lows were set (support turned into resistance).
On an intermediate basis, Copper is fulfilling 2 – 4 week expectations, first surging into early-Feb. and testing 2.8200/HGH and then pulling back into ~Feb. 14, the latest phase of a ~21-day cycle (low-low-high-high-low-low-low), while holding intra-month trend support and its ascending daily 21 High MAC – the ideal setup for a 2 – 4 week low.
That was confirmed by its outside-day/2 Close Reversal buy signal (Feb. 15) and spurred the next phase of this advance and also created an intermediate LLH – at 2.9600/HGH (2.5430 – 2.7515 – 2.9600) that reinforces the monthly LHR near 2.9700/HGH.
That could propel Copper higher into the opening days of March – perpetuating geometric cycles (180 degrees from Sept. 4 low, 90 degrees from Dec. 3 high and 60 degrees from Jan. 3 low) before the next 1 – 2 week pullback.”
Gold & Silver fulfilled multi-month, multi-week & multi-day cycle highs AND attacked extreme upside price targets, but have not yet confirmed a reversal lower. If/when they do, it should trigger a ~2-month correction into April 2019. Copper remains bullish and should see additional upside into early-March before a peak takes hold (most likely at 2.9700 – 3.0000/HGH).
What is Daily 21 MARC Revealing About Feb. 25 – March 4?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.