Gold 21 MAC Reinforces Likely Surge into New Highs in July ’24… and Multi-Month Peak!
06-20-24 – Gold & Silver corrected into early-June after surging into May 20th and setting multi-week highs. At the time, Gold set new all-time highs (fulfilling its weekly trend) as Silver spiked to new multi-year highs and right to its initial upside target at 31.50 – 32.20/SIN.
They reached their initial downside objectives in early-June and even spiked a little lower but both metals have held above their rising weekly 21 High MACs the past three weeks (with Gold attacking that rising support and then reversing higher) – a sign the overall uptrend remains intact.
As long as Gold continues to do that, on a weekly close basis, it would remain likely to rally back to its high leading into July 2024. That is tempered by the action and signal generated on June 7th – when Gold turned its weekly trend down. That signaled a few things for the coming weeks…
- Gold should set an initial low in the current 2-week period (June 17 – 21st is the 2nd of those 2 weeks) and then enter a reactive 2 – 3 week rally.
- Gold could retest its high – and/or even spike above it – as part of that reactive rally… as long as it does not turn the weekly trend back up during that advance. Currently, the earliest that Gold could turn its weekly trend up is July 5th, so that still fits with the overall outlook. [One possibility is that a favorable PCE report, on June 28th, spurs a quick surge in metals and other related markets, carrying over into early-July.]
- That reversal signal would portend a second decline after that intervening (reactive) multi-week bounce… beginning at some point in July ’24 (ideally, right after July 3/5th).
Wave (duration) similarities could also play a role in honing the most likely time for a potential July 2024 peak…
Since the October ’23 low, Gold has experienced six 3-week surges – comprising almost all of the primary gains of this latest advance. If it set a low on June 7th/10th and undergoes another 3-week surge, Gold would peak in late-June/early-July 2024.
These Gold cycles reinforce multiple Silver cycles that portend similar actions…
With markets often unfolding in a fractal-like manner (where action on one time period parallels action on a larger or smaller time period), Gold could trace out a weekly pattern that mirrors its monthly action of 2020 – 2022/23 – setting 2 – 3 successive highs at similar levels as it moves through a period of congestion or consolidation.”
Gold & Silver fulfilled intermediate cycle lows (June 7 – 14th) and should subsequently ultimately rally into July 2024 – when Gold is projected to set a decisive, multi-month peak while retesting its recent high. (Silver had greater synergy of cycles in May 2024, so a July ’24 peak could be a divergent/lower high than Gold.) Gold’s weekly 21 High MAC continues to reinforce this outlook and should soon spur a multi-week rally.
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 portending an ongoing battle with the Dollar that should intensify in 2025 & 2026.
Gold & Silver Fulfill Projected Pullbacks into June 7/10th; Weekly 21 High MAC Concurs.
Gold Projects Retest of – and Peak Near – Recent Highs in July 2024!
How Does Weekly Trend Pinpoint Likely Level for July 2024 Gold Peak?.
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Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.