Gold Stocks Bull Market Continues: XAU Projects Surge into Dec. ’19 and Up to ~102.00. Gold Signals Multi-Week Low.
11/16/19 Weekly Re-Lay: “Gold, Silver & the XAU initially fulfilled the potential for Nov. 11 – 15 lows but need to turn their daily trends up to confirm that…
Gold & Silver sold off into Nov. 12, allowing Gold to complete successive 10-week corrections (late-Feb. – early-May ‘19 and early-Sept. – Nov. 11 – 15, ’19 – before and after the May – Aug. ‘19 advance) in what is potentially equal corrective waves (4th wave = 2nd wave duration) in the midst of an overall 5-wave advance. If so, that means the ‘5th’ wave advance is still to come.
Reinforcing that potential, Silver attacked its primary (multi-month) downside target at 16.50 – 16.80/SIZ, fulfilling a larger-magnitude downside objective and setting the stage for a 1 – 2 month low. Silver’s test of 16.50 – 16.80/SI also had it attacking the highs of Jan. ’19 – a critical level of 6 – 12 month ‘resistance turned into support’…
Based on the weekly trend pattern in Silver, metals could see 2 – 3 week reactive rallies take hold now… there remains a developing potential for a rally into early-Dec…
This past week’s low also perpetuated a 36 – 41 day low (May 2) – low (June 11) – high (July 19) – high (Aug. 26) – low (Oct. 1) – low (Nov. 6 – 12) Cycle Sequence (stretching 1 day longer than what was anticipated when it was viewed as 36 – 40 days). If the daily trend turns up, it would confirm that cycle while projecting [reserved for subscribers].
The XAU remains more bullish and pulled back to test and hold monthly support (90.54 – 91.17/XAU) and its daily 21 Low MAC support (90.75/XAU) before reversing higher. It bottomed while fulfilling a 28 – 29 day low (Aug. 19) – low (Sept. 16) – low (Oct. 15) – low (Nov. 12/13) Cycle Progression.
That projects a likely 28 – 29-day advance into Dec. 10/11 – dovetailing with weekly cycles that project a peak on Dec. 2 – 13 – the next phase of a consistent 13 – 14 week cycle in Gold and the XAU (and the midpoint of the latest 27 – 29 week cycle that ultimately focuses on March 2020).
Based on the weekly trend pattern, the XAU also maintains the potential for a rally back to 102.00/ XAU. A daily close above 94.21/XAU is needed to turn the daily trend back up and validate this potential scenario.”
Gold confirming bottom and onset of new advance. Silver maintains multi-month support at ~16.50/SI and initially bottomed – along with Gold – on Nov. 11/12. XAU projects intermediate advance into Dec. 10 – 13.
Why Should XAU Set New 1 – 2 Year Highs… and What Should Follow?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.