Gold Trading: Gold Poised to Surge Above 1880/GCZ in Nov ’21; Peak Likely
10/23/21 Weekly Re-Lay – Gold & Silver are fulfilling expectations for a multi-week rally after bottoming in late-Sept while fulfilling weekly extreme support indicators and cycle lows (projecting a 1 – 2 month low by Oct 1). At the time, Silver fulfilled a major price objective, retracing nearly 50% of its Mar – Aug ’20 advance and projecting a rally into [reserved for subscribers] …
Gold should (at least) reach 1826.0/GCZ (its Jan ’21 low and resistance for its intra-year downtrend) with Silver targeted to reach at least 25.00/SIZ. Both approached those objectives but appear to have more upside potential remaining. If Gold breaks above 1830.0/GCZ in the coming days, it could surge up to 1885 – 1910.0/GCZ before setting an intermediate peak…
Silver just neutralized its weekly downtrend for the second time, reinforcing the intermediate outlook and increasing the likelihood for additional upside into the coming week. A weekly close above 24.92/ SIZ is needed to turn the weekly trend up.
Gold & Silver added to recent gains, reaffirming late-Sept/early-Oct signs of a multi-week low and reversal higher. They set their lowest close and intraday lows on Sept 29 and have rallied since then – turning their daily & intra-month trends up in early-Oct. and confirming an intermediate bottom…
The XAU & HUI fulfilled analysis for a rally into (at least) Oct 22, the latest phase of the HUI’s 11-week low-high-high-(high) Cycle Progression.
They reversed higher in late-Sept., in lockstep with yearly, monthly & weekly cycles and their respective weekly HLS patterns while fulfilling a consistent 29 – 31 week low (Nov ’18) – low (May ’19) – high (Dec ‘19/ Jan ’20) – high (Aug ’20) – low (Mar ’21) – low (Sept 17 – Oct 1, ’21) Cycle Sequence.
At the same time, the HUI fulfilled a ~3-year high (Sept ’12) – low (Sept ’15) – low (Sept ’18) – low (Sept ’21) Cycle Progression and perpetuated an 18-month low-low cycle – creating lows in Sept ’15, Mar ’17, Sept ’18 & Mar ’20 while projecting another for late-Sept ’21… all signaling that a multi-month bottom was very likely and a strong rally should originate from there.
This overall rally could last into Nov. ’21 when the XAU has a 5-month low-low-low-high-high-high-(high) Cycle Progression. On Friday’s close, the XAU turned its weekly trend up – confirming the late-Sept. bottom. The HUI needs a weekly close above 267.82 to do the same.
On a near-term basis, both indexes rallied to initial upside targets (136.54 – 137.25/XAU and 267 – 273.00/HUI) and accomplished that on Oct. 22, in line with the XAU’s corroborating Intra-Week PLLR (137.25).
They could still rally up to the most synergistic 1 – 2 month resistance at 141.88 – 144.51/XAU and 275.90 – 281.15/HUI before an intermediate peak takes hold. The XAU is reinforcing that with multiple additional targets and/or resistance levels at 144.05 – 144.19/XAU.”
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 projected 3 – 6 month (or longer) lows) and projecting an additional surge into Nov ‘21. Gold is likely to spike above 1880/GCZ as the XAU is targeting ~144.50 and the HUI targeting ~280.0/HUI… where 1 – 2 month peaks are most likely to occur.
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.