Gold, Silver, XAU & HUI Poised for Multi-Month Lows by Oct 1.
09/25/21 Weekly Re-Lay – Gold & Silver dropped to new recent lows with Silver dropping right to monthly support (22.11 – 22.35/SIZ) and pivotal 6 – 12 month support that extends down to 21.96/SI…
— Gold’s weekly HLS indicator projected a 1 – 2 month low for the second half of Sept. (by Oct 1).
— Silver monthly cycles have projected a bottom in late-Sept while corresponding weekly cycles could stretch that into the first half of Oct. As a result, a major bottom appears imminent.
— Silver has dropped to major support near 22.00/SIZ and is currently holding. It spiked a little below its early-Aug low but is not (at least not yet) triggering any follow-through selling.
— Silver dropped right to monthly support (22.11 – 22.35/SIZ) and held – fulfilling what was expected for Sept. That support was projected to play a key role in a bottom for Silver – whether it timed the final bottom or one just before a culminating spike low.
— XAU & HUI cycles and price action that portend a multi-month bottom by Oct 1.
— The corresponding monthly cycle in Gold projects the next high in Nov. ’21 – the next phase of a ~5-month low (Mar ’20) – high (Aug ’20) – high (Jan ’21) – high (Jun ’21) – (high) Cycle Progression…
The XAU & HUI are entering the third week after testing and holding their respective weekly HLS levels. As a result, an intermediate low should take hold at any time (no later than Oct 1).
They have also entered the time when a consistent 29 – 31 week low (Nov ’18) – low (May ’19) – high (Dec ‘19/ Jan ’20) – high (Aug ’20) – low (Mar ’21) – low (Sept 17 – Oct 1, ’21) Cycle Sequence portends a multi-month low, so a bottom should take hold this week.
A low on Sept 24/27 would also fulfill successive ~3-week declines, ~7-week declines, and a 58-day high-high-(low) Cycle Progression.”
Gold & Silver are fulfilling analysis for another sell-off with the XAU & HUI signaling that a multi-multi-month bottom should take hold by Oct 1, ‘21. Silver concurs and a 3 – 6 month (or longer) bottom at that time would fulfill multiple cycles and potentially set the low of a ‘c’ wave decline… ushering in the time for a new rally into 1Q ’22.
The XAU fulfilled major cycle highs in Aug ’20 and May ’21 and is on target for a drop toward ~115.00/XAU as part of this initial decline. That is where a 2 – 3 month (or longer) bottom is most likely.
Why is Gold Projecting Subsequent High for Mid-Nov ’21?
What does this mean for the next multi-month cycle high in ~Feb. ’22??
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.