Gold & Silver Poised for New Surge… into Dec. 31 – Jan. 4! Price Targets at ~1290+/GCG and ~16.00/SIH Remain in Force.
Gold & Silver Poised for New Surge… into Dec. 31 – Jan. 4! Price Targets at ~1290+/GCG and ~16.00/SIH Remain in Force.
12/15/18 Weekly Re-Lay: “Gold & Silver (and XAU) fulfilled near-term upside potential and corrected. A new 1 – 2 week rally is becoming more likely…
Gold & Silver added to their gains, reinforcing the multi-week buy signal recently triggered in Gold around 1217.0/GCG. It has been steadily gaining ground for almost four months and remains in the ideal position to see an accelerated spike higher.
Gold closed above the descending weekly 21 MAC last week and could turn that multi-month indicator positive if it rallies above 1250.0/GCG this week. On Friday, Gold pulled back to its daily & weekly 21 High MACs – a pivotal test of support that could spur a sharp 3 – 5 day surge.
Based on weekly & monthly extremes (LHR), Gold could surge to 1284 – 1290.0/GCG in December, an event that could be seen at any time. Having set an initial peak this last week, and spiking lower on Friday, Gold is increasing the potential for a subsequent 1 – 2 week rally into late-Dec.
A 6 – 7 week low-low-low-low-(high) Cycle Progression projects the next 2 – 3 week high for Dec. 24 – Jan. 4 while a 10-week low-high-(high) Cycle Progression focuses on Dec. 31 – Jan. 4…
Gold & Silver sold off on Dec. 14 after Silver peaked on Dec. 13, fulfilling daily & weekly cycles. That allowed it to spike lower into the latest phase of a 10 – 11 trading day high (10/02) – high (10/16) – low (10/31) – low (11/14) – low (11/30/18) – low (12/14 – 12/17/18) Cycle Progression that helped pinpoint the late-Nov. low.
With Gold’s daily & weekly 21 MAC action (see 1 – 4 Week Outlook), this could spur the onset of a new rally almost immediately. If so, it would project a 10 – 11 trading day rally – into Dec. 31 – Jan. 3.
1 – 4 week traders could be long Feb. Comex Gold futures from 1218.3 down to 1216.8/GCG and holding these long positions w/avg. open gains of about $2,400/contract. Move sell stops to [reserved for subscribers]. TRADING INVOLVES SUBSTANTIAL RISK!
The XAU remains positive… An initial high could be seen in the coming week, completing successive rallies of equal duration (~5 weeks each). In addition, the coming week has increased synergy of upside targets… the target for a equal-magnitude ‘c’ wave advance (‘a’ wave was in Sept. – Oct.) is at 72.40/XAU. That is the minimum upside wave objective. In close proximity is the monthly LHR at 72.66.
The ideal scenario would be to see the XAU surge in the coming week… and then enter a 2 – 3 week period of consolidation below that resistance.
While that might seem like a bit of a stretch, the XAU has experienced a 2 – 4 day, ~4.00 – 7.50 surge 8 times in the past 4 months (and one to begin the month of December). So, a repeat rally is not out of the question.
1 – 4 week traders could have entered long positions in XAU related vehicles (options, GDX, gold stocks, etc.) when the XAU was trading at 65.30 down to 62.90. Risk/exit those positions on a daily close below 64.80/XAU. Exit 1/2 of them if 72.xx/XAU is hit. TRADING INVOLVES SUBSTANTIAL RISK!.
Gold & Silver are projecting new surges into early-Jan. while the XAU is poised for a 2 – 4 week peak in the coming week. Gold is projected to exceed 1290.0/GCG as part of this advance while Silver is increasing the potential for a surge toward 16.00/SI. What would that mean for 2019?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.