Gold Trading: Gold Correcting to ~1760/GC Support; Next High = Early-Jan ‘22.
11/27/21 Weekly Re-Lay – Gold & Silver are reinforcing a higher magnitude decline (akin to Sept ’21 sell-off) – powerfully confirming the ~7-week low-low-(high) Cycle Progression that was projected to usher in a multi-week high in Gold on Nov 15 – 19. Gold tested its weekly LHRs (1865.1 – 1867.8/GCZ) during the preceding week – reinforcing a likely mid-Nov top.
Gold topped in precise lockstep with a related 17 trading day high-low-high-(high) Cycle Sequence – a cycle that has governed each swing in Gold since the middle of June ’21… the next phase of the overlapping ~7-week cycle (that timed the Nov 16/17 peak) is on Jan. 3 – 7, ’22 and could time a higher magnitude peak. Jan. 6 is also when the 17 trading-day cycle (next) recurs.
In the interim, Gold & Silver have suffered sharp sell-offs in the weeks following Silver’s weekly trend reversal and Gold’s reversal of its weekly 21 MAC and 40 MACs. All of those indicators portend reactive 1 – 3 week sell-offs, which are unfolding and are testing pivotal, intermediate support.
Gold has its weekly 21 & 40 Low MAC, 21 & 40 Low MARCs, and key range-trading support – all at 1755 – 1765/GCZ. That is also where its latest decline would match the magnitude of its Sept ’21 decline. That support needs to hold…
As described weeks ago, Gold had closed above its weekly 21 High MAC – the first step in a developing bullish pattern basis that indicator. The next step was for that 21 High MAC to turn its direction up – which took place last week. Gold did the same thing basis its weekly 40 High MAC.
The next step was a projected pullback – which has since occurred and has Gold approaching its 21 Low and 40 Low MACs (1768.5 – 1770.0/GCZ). If it can bottom near that support, Gold should then rally into the next phase of its ~7-week cycle – on Jan 3 – 7, ’21…
The XAU & HUI attacked their late-July/early-Aug highs in mid-Nov – when weekly cycles initially peaked – and then sold off, signaling a higher-magnitude pullback that prompted declines to weekly 21 MAC & MARC support. They also peaked in sync with weekly trend reversals in many mining shares (projecting reactive sell-offs).”
Gold & Silver, XAU & HUI Indexes surged from multi-month cycle lows in late-Sept (when weekly, monthly & yearly cycles bottomed) into Nov 15 – 19 – when daily & weekly cycles peaked. Gold topped near 1880/GCZ – the primary upside target for this overall advance – and could drop to pivotal support near 1760/GC. The next comparable peak is most likely on Jan 3 – 6, ’22.
Why Is Secondary Low Likely Near 1760/GC?
Could That Spur New Multi-Month Advance??
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.