Gold & Silver Trigger ‘Exit Long’ Signals; Project Pullback to ~26.50/SI.
04-16-24 – Month of Aggression Culminating; Stocks, Gold & Silver Concur – Gold & Silver surged to primary & secondary upside targets in line with overriding wave timing targets, particularly in Gold. For the past ~7 weeks, Gold had been projected to surge from ~2040 and to stretch that advance into the middle half of April 2024.
Gold reached its initial targets while attacking its weekly LHR on April 5th, portending an ensuing intermediate peak in the weeks that followed. That often involves a test of the weekly HHR in one of the two weeks after the LHR has been reached. Last week, that level came into play at 2444/GCM and coincided with a combination of other upside targets at 2430 – 2445/GCM. That included the April 2024 PLLR (2431/GCM) and a pair of range targets.
At the same time, cycles & timing objectives projected a rally into the middle half of April (April 8 – 22nd) with the greatest synergy of cycles on April 12/15th.
A high on April 12 – 18th would fulfill a ~1-month/~30-degree low (Nov 13 – 18, ’23) – low (Dec 13 – 18, ’23) – low (Jan 13 – 18, ’24) – low (Feb 13 – 18, ’24) – low (March 13 – 18, ’24) – (high; April 13 – 18, ’24) Cycle Progression.
It would also fulfill a ~19-wk low (March ’23) – high (July 17-21 ’23) – high (Nov 27 – Dec 1 ’23) – (high; April 8 – 19, ’24) Cycle Progression.
Gold rallied to 2448/GCM on April 12th… and has consolidated since then.
Meanwhile, Silver surged to its own combination of upside targets and attacked 30.00/SIK before pulling back. Its extreme upside target for April 2024 – the monthly LHR – was at 29.76/SIK and also represents a primary range target based on its trading in 2024.
Silver spiked up to 29.90/SIK and is showing signs of a 1 – 2 week (or longer) peak.
This could prompt quick pullbacks to 2270 – 2290/GCM & 2630 – 2660/SIK in the short term…
1 – 3 month & 3 – 6 month traders/investors could have entered long positions in Gold & Silver at averages of 2045/GCM & 23.00/SIK and be holding 1/2 of these positions w/avg. open gains of about $35,000/contract & $25,500/contract, respectively. These long positions can be exited now.
The other 1/2 of Gold positions should have been exited when 2319/GCM was hit – with avg. gains of about $27,000/contract – and in Silver at the start of last week with avg. gains of about $23,000/contract.
The XAU & HUI surged in line with their monthly 21 MACs & 21 MARCs and the unique parallels to the previous surge from mid-February into mid-April 2023.
Adding to those similarities, the XAU spiked up to the resistance where it ultimately peaked in mid-April 2023 – a peak that was set on April 13th (this one could not occur on Saturday, April 13th, so it initially took hold on April 12th – a 360-degree cycle).
That also had it initially fulfilling other indicators and objectives while attacking broader resistance at 143 – 145.00/XAU. The XAU surged into April 12th, set an intraday high of 143.84 while its highest daily close was 138.69/XAU – all fulfilling decisive upside objectives.
The XAU has seen a brief pullback – spiking down to 130.50 – 131.80/XAU, where previous highs overlap the coming week’s support and HLS – and is now at a pivotal juncture. A daily close below this support would project a drop to 124 – 126.00/XAU.
1 – 3 month traders & investors could have entered long positions in related instruments (ETFs, stocks, etc.) when the XAU was at 102.60 – 106.00 in late-February and exited 1/3 of those positions when 134.00/XAU was hit last week. Another 1/3 could have been exited when 138.00/XAU was hit. Move sell stops to exit the remaining 1/3 on a daily close below 130.60/XAU. FUTURES TRADING INVOLVES SUBSTANTIAL RISK!
Gold & Silver have fulfilled their mid-February buy signals – projecting acceleration higher into April 12/15, 2024 and spike highs near 2445/GCM & 30.00/SI. A 2 – 3 week correction could be seen before a new surge becomes likely in May/June 2024 with Silver already setting up for a potentially explosive period. Watch critical support near 26.50/SI.
The action since late-2022 is powerfully validating the onset of a new 40-Year Cycle of Currency War in which Gold & Silver possess unique potential for 2024! Gold is acting as the ‘Canary in the Coal Mine’ and has fulfilled projections to break out to the upside in March 2024! The primary focus remains on early-July 2024.
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Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.