Gold Trading: Gold Nears ~1760/GC Support; Rally into Jan 3 – 5 ’22 Likely.
12/04/21 Weekly Re-Lay – Gold & Silver have declined since peaking along with intermediate cycle highs on Nov 15 – 19. Both have matched the magnitude of their respective Sept ’21 sell-offs – creating some symmetry in these markets while powerfully confirming the ~7-week low-low-(high) Cycle Progression that helped pinpoint the Nov 15 – 19 peaks.
The mid-Nov peaks also fulfilled price action with Gold testing and holding its weekly LHRs (1865.1 – 1867.8/GCZ) on Nov 8 – 12 – a pattern that portends a 1 – 2 month peak in the ensuing 1 – 2 weeks.
From a timing perspective, the Nov 15 – 19 highs projected a future intermediate high for Jan 3 – 7, ’22 that would fulfill a ~7-week low-low-high-(high) Cycle Progression. A peak on Jan 3 – 14 would also fulfill/perpetuate a 21 – 22-week low-high-(high) Cycle Progression.
If that is fulfilled, it would project sharper focus on Feb. 21 – 25, ’22 – the next phase of a ~7-week low-low-high-high-(high) Cycle Progression. That overlaps the time when a 17 – 18 month high (Aug/ Sept ’17) – high (Feb ’19) – high (Aug ’20) – high (Feb ’22) Cycle Progression recurs and should time a more significant peak.
The XAU & HUI are in similar positions as Gold & Silver after rallying into cycle highs and peaking right at 3 – 4-month resistance, the levels of their late-July/early-Aug highs in mid-Nov. They then entered a higher-magnitude pullback – entering the 2 – 3 week reactive sell-offs that frequently follow weekly trend signals like those generated in many mining shares and the HUI on Nov 8 – 12.
After completing an ‘a’ wave decline on Nov 26, the XAU entered a ‘b’ wave bounce and rallied to its daily LHR, weekly resistance, and declining daily 21 Low MAC on Nov 30 and reversed back down. That triggered a ‘c’ wave decline with the potential to bottom on [reserved for subscribers]”
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 signaled a drop to pivotal support near 1760/GC. The next intermediate high is expected in the opening days of Jan ‘22. A precise 7-week low-low-high-(high) Cycle Progression peaks on Jan 3 – 5, ’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.