Gold Trading: Gold Attacks ~1880/GCZ Target; Nov 15 – 19 = Cycle High.
11/17/21 Weekly Re-Lay Alert – Gold & Silver continue to rally, reinforcing the significance of the lows set in late-Sept ’21 – when weekly, monthly & multi-year lows bottomed in metals and mining shares and provided the perfect setup for a multi-month/multi-quarter bottom.
At the time, Silver bottomed at decisive support while fulfilling multi-week and multi-month cycles in late-Sept. That price action, combined with the myriad of cycles bottoming at that time, had/has the potential to spur another significant advance during this period (4Q ’21) and stretching into Jan ‘22.
Gold is powerfully corroborating that and fulfilled the outlook for its weekly 21 MAC/MARC and 40 MAC/MARC indicators to turn positive on Nov. 8 – 12 and Nov 15 – 19. It provided another example of how markets often accelerate higher as their inversely-correlated 21 MARC begins to accelerate lower. Gold just turned its weekly 21 High AND 40 High MAC up this week.
Last week, Gold surged to the convergence of its latest two weekly LHR levels at 1865.1 – 1867.8/GCZ as Silver spiked to new multi-month highs – signaling a breakout of its 3+-month trading range.
With Gold attacking and holding those extreme upside objectives, it set the stage for a multi-week peak to take hold in the ensuing 1 – 3 weeks (after some additional upside). A high in the current week would fulfill a ~7-week low-low-(high) Cycle Progression…”
Gold & Silver, XAU & HUI Indexes have surged from multi-month cycle lows in late-Sept (when weekly, monthly & yearly cycles bottomed) and stretched those rallies into Nov 15 – 19 – the most likely week for a peak in Gold. Gold is attacking 1880/GCZ – the primary upside target for this overall advance.
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Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.