Why Metals Are Nearing Intermediate Cycle Highs… and Why the XAU is Validating ‘Do-or-Die’!
Why Metals Are Nearing Intermediate Cycle Highs… and Why the XAU is Validating ‘Do-or-Die’!
10/24/18 – Weekly Re-Lay Alert: Gold & Silver remain in positive daily trends with the potential to extend this rebound into Oct. 29 – Nov. 2 (+ or – 1 week) – the latest phase of a consistent 20-week high-high-high-high Cycle Progression in Silver. A rally into that time frame would represent a normal rebound in time (.500 – .618) and potentially complete a ‘c = a’ rally in time (successive ~3-week rallies)…
The XAU is again showing why it needs to be viewed independent of Gold, since the ‘stock’ part of ‘gold stock’ can often be a more influential factor. As explained last week, the XAU had reached an important inflection point after surging right to its monthly LHR (71.46) while retesting its Dec. 2016 low (71.63) – that level of support-now-turned-into-resistance that was the minimum downside for almost two years.
It also attacked its descending weekly 21 Low MAC – a combination of factors that has spurred a short-term correction, in line with the unfolding equity market sell-off.”
Gold & Silver continue to build a base after bottoming along with monthly cycle lows in Aug./Sept. 2018. They could extend current rebounds into Oct. 29 – Nov. 2 before the next setback. The XAU has already sold off after rallying right to a critical level of ‘do-or-die’, so the coming days could be decisive.
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.