Gold Buy Signal & 2-Year Cycle Project Late-Feb/early-March Surge!
02-21-24 – “Gold & Silver remain in wide corrective patterns with Silver holding intra-year trend support for the 4th consecutive week as Gold showed this is a larger-magnitude ‘a-b-c’ correction from the early-Dec ’23 spike high (that may have bottomed last week). It closed the week back above its January low and 50% retracement level (2016/GCJ) – signaling that ‘c’ wave could be complete.
That reinforces the outlook for a new rally and the fact Gold (and GLD, etc.) remains in the upper extremes of its 1 – 2 year uptrend, 3 – 5 year trading range and 8 – 10 year uptrend on the verge of an upside breakout in 2024… potentially soon. (GLD closed last week back above 185, reinforcing that bullish potential.)
Gold has its own ~2-Year Cycle that previously triggered a sharp rally from mid-February into early-March 2022… and a sharp rally from mid-February into mid-March 2020.
Could 2024 repeat that cycle/pattern?
Both metals dropped to monthly support leading into mid-month with Silver perpetuating a ~1-month/ ~30-degree low-low cycle that had created lows on the 13th – 15th of the month in August, Sept, Nov & Dec 2023… and now in February ’24.
Silver completed the week with an outside-week/2 Close Reversal higher – reinforcing its developing strength and the outlook for a multi-month rally into May 2024 (and potentially longer). On a short-term basis, they could stretch these rallies into Feb 22/23rd. On an intermediate basis, they are likely to extend new rallies into month-end (Intra-month V Reversals higher) and into early-March ’24.
1 – 3 month & 3 – 6 month traders and investors can be entering/adding to long positions in Gold & Silver at these levels [reserved for subscribers]. TRADING INVOLVES SUBSTANTIAL RISK!”
Gold & Silver have likely set multi-month lows in mid-February ’24 – the ideal time and place for a low to take hold and begin a new advance that should accelerate higher in March 2024.
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 late-2023 – late-2024! This should have a dramatic impact on the US Dollar in 2024/2025. March 2024 could provide the next corroboration to that outlook. Gold is acting as the ‘Canary in the Coal Mine’.
How Does Gold Outlook Portend Related Shocks in Other Key Markets??
Refer to the April 11, 2023 special issue of The Bridge – Gold, Silver and Elliott Wave Structure – and subsequent reports – for expanded analysis and charts as well as discussion on why, how & when Gold is most likely to break out to the upside (in 2024) following a multi-year ‘flat correction’.
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Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.