Gold & Silver Tracing Out Bottom

Gold & Silver Tracing Out Bottom
XAU Poised for Add’l Decline…
Nov 6 – 17 = Key Cycle Convergence.

 

10/21/17 Weekly Re-Lay:

 

“Gold & Silver are adhering to daily & weekly cycles, dropping into Oct. 5 – 6 (perpetuating a 12-week high-low-(low) Cycle Progression & a 50% correction in time), then rallying into Oct. 13/16 before retracing to weekly support & the month-opening ranges.

…as long as Gold does not close below its Oct. 6 low (1262.8/GCZ), it would remain in a position to rally into late-Dec – the culmination of a 12-week low-low-(high) Cycle Progression.

The XAU (& HUI) continues to show more relative weakness than Gold or Silver, reversing its daily trend down while neutralizing its intra-month uptrend and hovering just above its early-Oct. low…

From a cycle perspective, the XAU could still wait to set a lower low (lower than its early-Oct. low and the lowest low of this decline since early-Sept.) in Nov. 2017 – when monthly cycles converge.

The daily trend would show no signs of life until a daily close above 86.86/XAU.”

 

Gold & Silver are expected to remain above their Oct. 6 lows as the XAU remains on track for a drop to new multi-month lows, leading into first half of Nov. 2017.  That is when another divergent bottom is most likely (new low in XAU, higher low in Gold & Silver), ushering in time for next leg up in the ensuing weeks. Multi-month buy signal triggered in Gold on Oct. 2 – 6; see Oct. 2017 INSIIDE Track for details & strategy.

 

See Weekly Re-Lay & INSIIDE Track for additional analysis and/or trading strategies.