Gold Struggling as Silver Fulfilling Potential for Rally into June 11 – 15.
Gold Struggling as Silver Fulfilling Potential for Rally into June 11 – 15.
06/06/18 Weekly Re-Lay Alert:
“Gold & Silver are rebounding after bottoming during the latest phase of an 11-week & 22-week low-low-low Cycle Progression on May 14 – 18. It would take daily closes above 1312.6/GCQ & 16.740/SIN to give a more convincing sign of a multi-week low taking hold.
On an intermediate basis, both metals could still see an overall advance into June 11 – 15… the latest phase of a 20-week high-high-high-(high) Cycle Progression.
If that occurs, Silver would complete a six-week rally from its early-May low – matching the duration of its Dec./Jan. rally (also six weeks), in another example of wave similarity.
Silver has turned its intra-month trend up while Gold needs a daily close above 1304.8/GCQ to do the same.
1 – 3 month traders could have entered long positions [reserved for subscribers].
The XAU remains positive and on track for a quick surge to ~xx.xx. A rally into June 11 – 15 would fulfill a 6-week low-low-low-(high) Cycle Progression.
1 – 4 week traders could have entered long positions in the XAU (or related vehicles) at 81.32 – 82.06 and should risk/exit on a daily close below xx.xx/XAU. Exit 1/2 if/when xx.xx/XAU is hit.” TRADING INVOLVES SUBSTANTIAL RISK
Gold, Silver & Gold/Silver Index (XAU) steadily rallying into the June 11 – 15 intermediate cycle peak. That is the most likely time for another multi-week peak & reversal lower (corroborated by Gold’s bearish weekly trend pattern). Silver could match the duration of its Dec./Jan. rally with an advance into ~June 14 (June 14 is also the exact date of the 20-week cycle from the Jan. 25 peak – a cycle that has been governing Gold & Silver) while Gold is expected to set a lower high at that time. 1312.6/GCQ is Gold’s first key level of resistance. See Weekly Re-Lay & INSIIDE Track for additional analysis and/or trading strategies.