Gold & Silver Fulfill April 18/19 Cycle High; Enter New Decline.
04/23/22 Weekly Re-Lay – “Gold & Silver remain in a ~6-week range of consolidation after surging into pivotal cycles that converged on March 7 – 11 – when a multi-week peak was expected. With its early-March peak, Gold fulfilled an 11 – 12 week high-low-low-high Cycle Sequence** and a 6-week low-low-(high) Cycle Progression** as Silver completed successive advances of equal duration.
That was/is expected to lead to a subsequent peak in the past week (April 18/19 was the period with the greatest synergy of daily, weekly & monthly cycles) – the latest phase of the ~6-week/41 – 42-day low-low-high-(high) Cycle Progression that helped pinpoint the March 7 – 11 high in Gold.
Gold & Silver fulfilled those cycles and initially peaked on April 18** – triggering quick sell-offs through the past week. In the process, they confirmed the April 18 highs as a new set of multi-week highs. Gold rallied right to its latest range-target resistance (2000/GCM) where it peaked. At the very least, that could spur a drop to ~1920/GCM – where the first level of range-trading support comes into play.
[**The April 18 highs reinforce the next phase of both this ~6-week and the overriding ~12-week cycles – converging in late-May… Gold & Silver spiked up into mid-month, testing and holding weekly resistance levels before selling off. In the process, they precisely fulfilled the outlook for a multi-week peak on April 18/19 – the latest phase of a 41 – 42-day low-low-high-(high) Cycle Progression.
Gold surged right to its daily LHR (~2002/GCM) on April 18 but could not close above its recent high, providing some initial signs it had reached an extreme. As the week unfolded, it steadily confirmed that peak and signaled some form of a ‘c’ wave correction that will likely spike below the late-March low.
The XAU & HUI fulfilled ongoing analysis for an overall advance into April 18 – 25 and fell a little short of the final upside price targets. They initially fulfilled a 29 – 31 week high-high-low-low-(high) Cycle Sequence that has helped time most of the primary 3 – 6 month turning points of the past three years.
A peak in April ’22 also fulfills a ~10-month high (Aug ’20) – high (June ’21) – high (April ’22) Cycle Progression.
From a price perspective, they are likely to test wave support near [reserved for subscribers]…
Platinum & Palladium are mixed with Palladium attempting to confirm a secondary low as Platinum shows more weakness after fulfilling weekly & monthly cycles in March ‘22.
Copper is reinforcing signs of a multi-month peak after topping in line with a 21 – 22-week high-high-high-high-high Cycle Progression in early-March while fulfilling its ~2-year outlook. It is showing signs of entering a ‘c’ wave decline with 1 – 2 month support remaining at 445.0/HGK (& 445.0/HGN).”
Gold, Silver & XAU/HUI Indexes have fulfilled expectations for rallies from mid-March into April 18/19 – the Date of Aggression when Gold cycles projected another multi-week peak followed by a sharp sell-off. The overall equity market was similar – projecting a peak on April 19 – 21 followed by an abrupt sell-off.
Along with the overall stock markets, metals have entered a dangerous time on/after the Date of Aggression when abrupt sell-offs have been projected. The XAU & HUI fulfilled multi-month cycle highs and are similarly poised for a multi-week decline.
What Does April 18/19 Peak Mean for Metals in 2Q/3Q ‘22?
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Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.