Gold Surge into July 2019 Likely! Weekly Trend Must Confirm. ~1312/GC = May ’19 Target. June/July = Bullish Period (into July 15 – 22).
Gold Surge into July 2019 Likely! Weekly Trend Must Confirm. ~1312/GC = May ’19 Target. June/July = Bullish Period (into July 15 – 22).
05/15/19 Weekly Re-Lay Alert: “Gold & Silver are mixed with Gold rallying sharply into May 13/14, the latest phase of a 12 trading-day low-high-high-(high) Cycle Progression when a multi-day high was expected. That fulfilled near-term analysis from the 5/11/19 Weekly Re-Lay – explaining why the positioning of the daily 21 MAC and 21 MARC had placed Gold in “the optimum position for a quick, accelerated advance”.
That reinforces the outlook for Gold to rally to 1312 – 1318/GCM in the month of May based on weekly LHRs, monthly resistance, intra-year trend resistance, a range-trading objective and the weekly 21 High MAC. Gold would need to close above that range to show new and escalating strength.
Meanwhile, Silver remains weak, was unable to turn its intra-month trend up, and could even spike to new lows in the short-term.
On a 2 – 3 month basis, Gold remains in a constructive position after dropping right to its 1 – 2 month downside objective (a spike below 1270.0/GC, described since the late-Feb. cycle peak) and immediately reversing higher – fulfilling what had been projected for its post-Feb. 20 decline. That adds credibility to the argument that Gold completed its corrective phase in late-April and is in the early stages of a new 2 – 3 month advance…
Gold would need to turn its weekly trend back up, during the rally into late-May, in order to project higher highs into July 2019 (which would fulfill monthly cycles and also be the next phase of the ~7-week high-high cycle).
Currently, Gold has just enough time (three weeks) to reverse its weekly trend up… From a wave perspective, a more bullish structure would unfold if Gold rallies above 1330.8/GCM, its late-March peak, during this overall advance.
From a bullish perspective, the ideal scenario would be to have Gold rally into late-May, turn its weekly trend up on the May 31 weekly close, enter a 1 – 2 week reactive pullback in early-June, and then rally to new highs leading into/through July 2019 – when another multi-month peak is expected.
The XAU spiked down to monthly support at 65.85 – 67.30 – reinforced by its weekly 21 Low MARC (66.59/ XAU) – and is trying to rally. If it holds this monthly support, the XAU should spur a rebound to a lower high (~72.00) into late-May. A daily close above 69.50 would be the first indication a low is forming.
The current week is 180 degrees/6 months from the Nov. ’18 low in Silver and secondary low in Gold & XAU… a prime candidate for a 1 – 2 month low.”
Gold reinforcing signs of a bottom and the onset of a new surge into July 2019 (with the XAU capable of stretching a corresponding advance into August 2019). Silver is still capable of spiking as low as 14.350/SIbefore bottoming and projecting a rally to new intra-year highs. Gold’s ~7-week (and 14 & 21-week) projects overall rally into July 15 – 22, 2019.
3 – 6 month Gold traders were recently triggered back into long positions near 1270.0/GC in preparation for a new, potentially accelerated rally into July 2019.
Why is Gold headed for highest levels in ~6 years? Will Silver ever catch up to Gold??
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.