Gold Trading: Gold & Silver Poised for 2nd Surge into Mid-Nov.
11/06/21 Weekly Re-Lay – Gold & Silver are gaining strength and reinforcing the significance of the lows set in late-Sept ’21 – when weekly, monthly & multi-year lows bottomed in metals and mining shares.
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. They now need to exceed, and close above, 1840.0/GCZ & 25.00/SIZ to confirm that and signal a larger-magnitude rally.
One indicator that is turning positive (and should see its direction turn up in the coming 1 – 2 weeks) is the weekly 21 MAC… If Gold can rally back to recent highs, it would quickly turn its corresponding (inversely-correlated) 21 and 40 MACs up at about the same time.
On Nov. 5, Gold closed above its weekly 21 High MAC – the first step in a potentially bullish pattern basis that indicator. The next step is for that 21 High MAC to turn its direction up. While the weekly 21 Low MAC is likely to turn up in the coming week, the 21 High MAC would not unless Gold rallies above 1883.8/GCZ…
To reiterate: Precious Metals have just come through a decisive period in late-Sept and were expected to ride the synergy of bullish indicators higher in the first half of Nov. That is beginning to take hold but more confirmation is needed.
Gold & Silver pulled back into the third trading day of the new month (the ideal and most common time for an intra-month low since the intra-month trend cannot turn up or down until the fourth trading day) and reversed higher while maintaining bullish daily trend and daily 21 MAC setups.
Gold has since turned its intra-month trend up while Silver needs a daily close above 24.175/SIZ to do the same. Gold is reinforcing signs that it could surge to 1870 – 1880/GCZ…
The XAU & HUI retreated after fulfilling analysis for an initial rally into Oct 22. While fulfilling those initial upside objectives, the XAU turned its weekly trend up – a decisive signal that should lead to another rally in Nov…”
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.