Why Silver Could Retest Lows on Nov. 13… and How That Would Corroborate Metals’ Outlook into Dec. ’18 and Through All of 2019. Multiple Cycles Turn Bullish After Nov. 13.
Why Silver Could Retest Lows on Nov. 13… and How That Would Corroborate Metals’ Outlook into Dec. ’18 and Through All of 2019. Multiple Cycles Turn Bullish After Nov. 13.
11/10/18 Weekly Re-Lay: Gold & Silver (and XAU) are validating the potential for secondary lows on Nov. 8 – 13… By dropping to new recent lows, Gold also fulfilled an ongoing, 12-week low-low-low-low Cycle Progression and a corresponding 6-week high-low-low-low-low Cycle Progression.
Though an additional spike low is possible in the coming week – in line with XAU cycles bottoming now – those 6-week and 12-week Cycle Progressions would remain valid if Gold and Silver ultimately close higher on the week (Nov. 16). That ~6-week cycle is one of the factors in projecting a secondary low for ~Nov. 9 in Gold.
All of this is part of the base-building phase that is perceived to be unfolding in precious metals after Gold & Silver bottomed along with monthly cycles lows in Aug./Sept. 2018. Silver maintains the possibility for a retest of its Sept. ’18 low even as Gold is expected to hold above its Aug. ’18 low…
If that is true, it corroborates the potential for lows by/on Nov. 13. That would allow 3 – 4 remaining weeks in which a sharp advance could be seen…
The XAU remains in a weekly uptrend until a weekly close below 63.75. It is fulfilling analysis for a retest of that support leading into Nov. 9 – 13, the latest phase of a ~2-month/60-degree Cycle Progression. It needs to hold that intermediate support (63.75/XAU) in order to retain the potential for a 2 – 3 week rally into late-Nov./early-Dec.
On a slightly larger basis, the XAU could see an overall advance into late-Jan./early-Feb. 2019 – the same time of year it set peaks in 2018, 2017 & 2015 and the same time it set its major low in 2016. It has a ~360-degree low-high-high-(high) Cycle Progression targeted at late-Jan./early-Feb. ’19..”
Gold, Silver & the XAU maintain the potential for a final round of selling into cycle lows that mature on Nov. 13. Silver could spike to new lows as Gold is poised for a secondary low and the onset of a larger-magnitude advance. Gold stocks and the Gold/Silver Index (XAU) concur and project a decisive low on Nov. 13 followed by a rally into early-Dec.
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.