What Metals’ Daily Trends are Saying… and What to Expect from Cycle Lows on Nov. 8 – 13.
What Metals’ Daily Trends are Saying… and What to Expect from Cycle Lows on Nov. 8 – 13.
11/03/18 – Weekly Re-Lay: Gold & Silver again neutralized their weekly downtrends, intensifying the focus on the coming week… Both metals turned their daily trends down this past week and then quickly entered the normal 1 – 3 day reactive bounce.
That bounce has twice neutralized the daily downtrends, but they would not turn up until daily closes above 1239.3/GCZ & 14.92/SIZ. Until/unless that occurs, there remains the chance for a spike below last week’s lows in the near term…
Gold & Silver turned their daily trends down as Gold was testing and holding its ascending daily 21 Low MAC (and descending weekly 21 Low MAC) and Silver was attacking its weekly HLS. All those factors triggered a quick rally but Gold & Silver would not turn their daily trends back up until daily closes above 1239.3/GCZ & 14.92/SIZ. Until that occurs, a 3 – 4 week trading range remains in place.
The XAU declined for almost two weeks after turning its weekly trend up (a confirming/lagging signal that usually triggers a 1 – 3 week reactive decline) and dropped right to the levels of the late-Sept. and early-Oct. lows. That is also where weekly trend support exists. That support (~63.75/XAU) needs to hold to prevent a retest of the lows as part of this multi-month bottoming process…
After turning its daily trend down, the XAU entered a reactive bounce and twice neutralized its daily downtrend. It would not turn that trend back up, and confirm a secondary 2 – 4 week low, until a daily close above 67.65/XAU.
If that daily trend fails to turn up, the XAU could see a retest of ~63.75 support leading into Nov. 9 – 13, the latest phase of a ~2-month/60-degree Cycle Progression.”
The daily trends remain negative in Gold, Silver & the XAU – leaving open the potential for some additional downside into Nov. 8 – 13. Price action will be the determining factor leading into that cycle low. IF certain criteria are met at that time, and signals generated, that could then trigger a sizeable 2 – 3 week rally into late-Nov./early-Dec.
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.