Gold’s Weekly Trend Pattern Projects New Wave Up; Could Stock Outlook (July/Aug. Sell-off) Spur New Surge in Gold??
07/13/19 Weekly Re-Lay: “Gold & Silver have pulled back but remain positive with the potential for additional highs now that a brief reactive pullback has unfolded…
Gold & Silver have corrected for 2 – 3 weeks since turning their weekly trends up as Gold surged to its primary 1 – 2 year objective. They have not neutralized their weekly uptrends, during this correction, and have not turned their daily trends down. In addition, Gold dropped to its weekly HLS and held.
As a result, they are in the optimum position to see new rallies with (at least) Gold likely to set new highs. In addition, Gold has been ‘riding’ on its ascending daily 21 High MAC, pulling back to it multiple times. Each time it has rebounded without closing below it. That, too, should prompt a rally to new highs.
Until weekly closes below 1377.0/GCQ & 14.83/SIU, the weekly trends are up and should be respected…
Gold & Silver have completed multi-week corrections with Gold in a prime position to rally to new highs while Silver is still positive. Both neutralized their daily uptrends multiple times but would not turn them down until daily closes below 1384.7/GCQ & 14.915/SIU.
With July 15 representing mid-month and a 24-day low-high-(high) Cycle Progression in Silver, it is worth watching for a 3 – 5 day peak if Gold & Silver spike higher to begin the week.
The XAU remains positive and is reinforcing its underlying strength and the cyclic potential to extend this rally into Aug. ’19.
It pulled back to begin July, dropping precisely to support at 80.50 – 80.76/XAU and adhering to the ideal scenario for another advance.
Since it did not turn its daily or intra-month trend down, during that spike low, the XAU was expected to rally to new highs following that test. It has since rebounded and could see an overall rally above 91.00/XAU.”
Gold fulfilling multi-week consolidation in sync with weekly trend pattern. New surge should follow. Silver, Platinum & XAU already signaling new advances – projected to last into/through Aug. ’19. Gold/Silver Index (XAU) tested decisive support at ~80.76 and should surge above 88.19 in July as part of new multi-month rally into Aug. ’19. Monthly trend signal is also crucial in Aug. ’19, but cannot be triggered until Aug. 30.
Could a (projected) July/August ‘19 Stock Sell-off Spur Next Gold Rally?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.