Gold & Silver Testing Support… Rally into May 17/20th Likely.

05-01-24 – 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 as well.

Reinforcing projections for a surge into mid-April, Gold attacked its weekly LHR on April 5th – portending an ensuing intermediate peak in the following week(s).  On April 12, Gold spiked up to a combination of upside price targets at 2430 – 2445/GCM and initially peaked.

Gold & Silver triggered a second wave of exit signals on April 16th and ushered in a multi-week corrective phase that could still be followed by another advance in the coming weeks or months.

That peak also fulfilled ongoing cycles & timing objectives that had projected a rally into the middle half of April with the greatest synergy of cycles on April 12/15th.

A subsequent high could be seen on May 17 – 24th (greatest synergy of cycles is May 17, 20 & 21st) but price action needs to validate and/or clarify… both reached and held their initial downside targets at ~2300/GCM & ~26.50/SIN

1 – 3 month & 3 – 6 month traders/investors could be out of all long positions in Gold & Silver w/avg. gains of about $31,000/contract in Gold & $24,700/contract in Silver on the overall trades.  TRADING INVOLVES SUBSTANTIAL RISK!

The XAU & HUI pulled back after spiking up to multi-month resistance at 143 – 145.00/XAU – on April 12th.  That had the XAU peaking where it previously peaked in mid-April 2023, paralleling the action of last year.

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.  Last week, it tested and held its rising daily 21 Low MAC and then gave an outside-week/2 Close Reversal higher – projecting a new surge.

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 ‘24 – when the buy signal was published – and exited 1/3 of those positions when 134.00/XAU was hit.  Another 1/3 could have been exited when 138.00/XAU was hit.

Exit the remaining 1/3 on a daily close below 132.00/XAU (or a test of 147.50/XAU).  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.  April 16th generated a signal to exit longs and wait for a pullback toward 2280/GCM & 26.50/SIN before a new multi-week rally becomes most likely.  A new surge is likely in May/June 2024 with Silver already setting up for a potentially explosive period.  Watch early-May 2024 for clues.

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?

When is Next Silver ‘Sweet Spot’??

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.