Gold & XAU Remain on Track

Gold & XAU Remain on Track;
~93.00/XAU Expected in Jan.
3 – 5 Day Pullback Could Intervene.

01/13/18 Weekly Re-Lay:

“Gold & Silver rallied as the XAU surged in line with diverse cycles – but an initial high could be seen in the coming week.  Traders could be holding related long positions…

Gold & Silver remain positive and have surged since bottoming in the first half of Dec. and fulfilling multiple (yearly, monthly & weekly) cycle lows.  Gold has turned its weekly trend up while Silver still needs a weekly close above 17.325/SIH to do the same.  That ushers in a decisive week

It also coincides with mid-month – the time when a 1 – 2 week top is often seen, particularly if a market has surged to monthly resistance.  Gold has done just that

The XAU corrected after reversing its weekly trend up, twice neutralizing its daily uptrend before resuming its advance.  It remains on track for an overall advance from early-Dec. (and the spike below 75.77/XAU support) up to 92.87 – 93.06/ XAU.  The latest two weekly LHRs come into play at 92.31 & 92.30 – reinforcing that target range.

Intermediate (2 – 4 week & 1 – 3 month) traders could have entered Gold stocks or related instruments before mid-Dec. and be holding these longs… TRADING INVOLVES SUBSTANTIAL RISK!

Gold & Silver pulled back into mid-week with Gold testing & holding weekly support, its weekly 2nd Close Support and its weekly 21 High MARC support – all grouped at 1309.3 – 1311.5/GCG – completing its initial correction.

That was corroborated by Silver, which pulled back & twice neutralized its daily uptrend – setting the stage for a rally back to recent highs.  That quickly followed.  With mid-month approaching & Silver failing to signal new strength (yet), the next 1 – 3 days are a pivotal time when another 1 – 2 week peak could take hold.”

Gold & the XAU remain on track for an overall advance to decisive upside targets (1377.0/GC & ~93.00/XAU) but could see a new 3 – 5 day correction before resuming their advances.

See Weekly Re-Lay & INSIIDE Track for additional analysis and/or trading strategies.