Gold Triggers 2 – 3 Month Bullish Signal on May 31; Corroborates Projected Advance into July/August ’19. What Does 7-Week Cycle Portend??
Gold Triggers 2 – 3 Month Bullish Signal on May 31; Corroborates Projected Advance into July/August ’19. What Does 7-Week Cycle Portend??
06/08/19 Weekly Re-Lay: “Gold & Silver rallied into June 3 – 7 and are now poised for a brief pullback… Gold & Silver surged into June 7 and up to extreme upside targets (weekly LHR levels) – fulfilling price and timing objectives and ushering in the potential for an initial high. It also reinforces the potential for another rally in June…
On a broader scale (2 – 3 month horizon), Gold completed a monthly 2 Close Reversal higher in May – confirming its late-April/early-May buy signal and projecting 1 – 3 months of upside follow-through. It has now twice neutralized its weekly downtrend, requiring a weekly close above 1352.7/GCQ to reverse that trend back to up.
That needs to occur in order to extend this advance beyond June (the minimum for the 17 – 18 month high – high cycle) and stretch this advance into July (or even August) 2019.
Gold & Silver surged into June 7, when an initial week peak is likely. While Gold turned its daily trend up in late-May – confirming the potential for a surge into the first week of June – Silver waited until recent days to turn its daily trend up.
That indicates that Silver should ultimately add to recent gains, most likely after an intervening pullback, while also identifying the likely time for an initial peak (and the onset of that pullback; now).
The XAU, like Gold & Silver, surged into June 7 without turning its new intra-month trend up. It has gained about 15% since bottoming on May 22 while completing a 3-month/90-degree decline from the late-Feb. peak and fulfilling an 8-month high (Jan. ’18) – low (Sept. ’18) – low (May ’19) Cycle Progression, the latest phase of which included a 5-month rally and 3-month decline (.618 ratio).
That May 22 low signaled the onset of a projected 5-week rally that is expected to last into June 24 – 28 and perpetuate an 18-week high-high-high-(high) Cycle Progression (part of a larger 18 – 20-week Cycle Sequencedating back to Aug. 2016).
A rally into June 24 – 28 would also perpetuate another cyclic pattern, completing the fourth 5-week rally since the Sept. ‘18 low (wave equivalence).
If the XAU can turn its weekly trend back up – while rallying into late-June – it would be positioned for a brief pullback and then another advance into the July/Aug. ‘19 cycles.”
Gold adds new multi-month bullish signal, confirming late-April buy signal & reinforcing ongoing outlook (since 2018) for an overall advance July 2019. The XAU concurs and remains on track for an overall surge into July/August ‘19 and ideally above 90.00. Silver is also signaling another advance.
3 – 6 month Gold traders were triggered back into long positions in late-April/early-May (near 1270.0/GC) to position for a new, potentially accelerated rally into July 2019. Gold’s ~7-week (and 14 & 21-week) focuses on July 15 – 22, 2019.
How Would Precious Metals’ Surge into July/August Impact Outlook into late-2020?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.