Silver Validating ‘Ideal’ Scenario for May/June 2024; Projects Strong Surge!
05-06-24 – Gold & Silver have corrected and consolidated after surging to primary & secondary upside price targets in the first half of April, fulfilling overriding wave timing targets and intermediate cycles as well.
Both metals reached and held initial downside targets at ~2300/GCM & ~26.50/SIN without turning their new intra-month trends down. Silver has turned its new intra-month trend up while Gold needs a daily close above 2340/GCM to do the same and to project a new round of upside into (at least) mid-May ’24.
Silver is at a decisive juncture and is starting to reinforce the ‘ideal’ price, wave, and cycle scenario discussed in the Weekly Re-Lay. That ‘ideal scenario’ involves the next peak – one that could be more significant than existing ones – arriving in late-June/early-July 2024, when a myriad of cycles converge.
Already, Silver has a ~14-month/~60-week high-high-(high) Cycle Progression that recurs on June 24 – July 5, 2024 (2-week period with the entire month of July 2024 representing the next phase of a broader ~14-month cycle).
That reinforces what Silver’s most consistent multi-month cycle – over the past 5 years – portends. A ~30-week (30 – 31-week) high-high-high-high Cycle Progression next recurs on June 24 – 28 (and July 1 – 5) 2024 and is expected to time a top.
If Silver holds its May 2nd low, it could embark on a fourth consecutive 58 – 60 day rally – culminating on June 28/July 1, 2024. That is the time frame (duration) of every primary advance Silver has completed since March 2023.
Gold continues to project a major peak in (early?) July 2024 – the culmination of a myriad of monthly cycles. That would also perpetuate the timing parallels to the previous multi-year advance and its initial action in 2016/2017 (see recent INSIIDE Tracks for more specifics on this outlook).
In the coming weeks, Gold & Silver could see a rally into May 17 – 24th (greatest synergy of cycles is May 17, 20 & 21st) – the next phase of daily cycles that helped pinpoint the mid-April ’24 highs.
IT Update 1 – 3 month & 3 – 6 month traders and investors could have exited long positions in Gold & Silver (entered at averages of 2045/GCM & 23.00/SIK in February) with avg. overall gains of about $26,000/contract (GC) and about $21,500/contract (SI). TRADING INVOLVES SUBSTANTIAL RISK!
The XAU & HUI pulled back and have consolidated for ~3 weeks after surging to multi-month resistance at 143 – 145.00/XAU on April 12th.
The XAU dropped to support near 130.50/XAU, where previous highs overlap corroborating support and where a pullback low was projected. As long as that holds, it should rally to new highs in the coming weeks.
The daily trend pattern corroborates that – remaining positive throughout this entire correction/ consolidation – and would not turn negative until a daily close below 130.60/XAU.
1 – 3 month traders & investors could have entered long positions in related instruments (ETFs, stocks, etc.) when the XAU was at 106.00 down to 102.60 in late-February in line with the strategy published at that time. 1/2 of these positions should have been exited when the index hit 134.00/XAU. Risk/exit on a daily close below 130.40/XAU on the remaining 1/2.
Exit that 1/2 if 150.40/XAU is hit in May. TRADING INVOLVES SUBSTANTIAL RISK!
Gold & Silver fulfilled their mid-February buy signals, surging into intermediate cycle highs on April 12/15, 2024 and peaking right near their extreme upside targets at 2445/GCM & 30.00/SI. They have since pulled back to support and are on the cusp of a new multi-week rally. A new overall surge is likely in May/June 2024 with Silver already setting up for a potentially explosive period. Initial Surge into May 17 – 24th Likely!.
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. Silver continues to build synergy of cycles in late-June/early-July 2024.
Should Gold & Silver Traders Re-enter Long Positions?
Is Silver ‘Sweet Spot’ Expanding??
Will Platinum (& Palladium) Soon Join In (Watch May 2024)?
40-Year Cycle – Dollar Dominion Dilemma & Demise
40-Year Cycle – Currency Wars & Cryptos
Solar, Seismic & Gold Intensity Cycles
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.