Gold & Silver on Track for Quick Surge
Gold & Silver on Track for Quick Surge;
Oct. 13 – 16 = Near-Term Cycle High…
Oct. 16 – 20 Shaping Up as Decisive!
10/12/17 Intra-month Update:
“The Dollar Index fulfilled its upside potential, rallying right to the convergence of 5 recent weekly LHR levels and the 4th wave of lesser degree resistance (the mid-August high that preceded the final ‘5th’ wave decline) – at 93.69 – 94.05/DXZ.
It did that while peaking 26 weeks/180 degrees from the early-April peak. It has since turned its intra-month trend down and could continue lower into Oct. 13/16 – which is also the latest phase of a ~5-week/33 – 37 day low-low-low-low Cycle Progression.
The Euro has rallied after correcting & testing the convergence of 5 recent weekly HLS levels and the 4th wave of lesser degree support (the prev. mid-August low that preceded the final ‘5th’ wave rally) around 1.1700/ECZ.
It has neutralized its daily downtrend multiple times (while turning its intra-month trend up) and needs a daily close above 1.1913/ECZ to reverse that trend up. The Euro remains on track for a rebound into Oct. 13/16 – the next phase of a ~5-week/34 – 37 day high-high-high-(high) Cycle Progression.
The Yen has rebounded and turned its intra-month trend up – projecting additional upside that could spur a test of .9001/JYZ, this week’s LHR. It has neutralized its daily downtrend, but cannot turn that trend up until a daily close above .8956/JYZ.
Gold & Silver have rallied sharply since dropping into daily & weekly cycles and bottoming on Oct. 5 – 6. They turned their daily & intra-month trends up with both spiking above their weekly LHRs. Based on all those factors, an initial high could take hold on Oct. 13/16 (mid-month).
The XAU is increasing in volatility, turning its daily trend up and then seeing a textbook 1 – 3 day pullback (while spiking down to and holding its daily HLS). This should spur a retest of the recent high though an initial high could be seen at mid-month.”
Gold & Silver fulfilling analysis for quick surge into Oct. 13 – 16. Gold stocks beginning to lag. Upside targets in reach & could/should be tested in 1 – 2 days. Dollar & Euro cycles concur.
See Weekly Re-Lay & INSIIDE Track for additional analysis and/or trading strategies.