Gold Trading: Gold Nearing ~1880/GCZ Target; Nov 15 – 19 Top Expected.
11/13/21 Weekly Re-Lay – Gold & Silver surged to new multi-month highs, 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 bottom.
As detailed in INSIIDE Track (see Nov. ’21 issue for added details and chart), 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).
Gold is powerfully corroborating that and 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.
It 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 sets the stage for a multi-week peak to take hold in the coming weeks (after some additional upside). A high in the coming week would also fulfill a ~7-week low-low-(high) Cycle Progression.”
Gold & Silver as well as mining shares (XAU & HUI Indexes) are surging from multi-month cycle lows in late-Sept (when weekly, monthly & yearly cycles bottomed) and projecting an additional surge in Nov ’21, potentially peaking on Nov 15 – 19. Gold is likely to spike above 1880/GCZ as part of this advance.
What Should Follow Projected Nov ’21 Highs?
Are Higher Highs Likely During Next (Similar) Cycle Convergence in 1Q ’22??
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.