Gold & Silver On Track for Surges into April 2024; Middle East Cycles in Focus.
03-16-24 – Gold & Silver are surging after Silver held intra-year trend support for 6 consecutive weeks as Gold completed a larger-magnitude ‘a-b-c’ correction from the early-Dec ’23 spike high… and then both triggered new buy signals in mid-February.
Based on multiple wave objectives (rally from Oct ’23 low = Oct ’22 – May ’23 rally; rally from Feb ’24 low = Oct – Dec ’23 rally, etc.), Gold is still likely to see a surge to ~2300/GCJ as part of its latest primary advance. This coming week’s LHR is at 2302/GCJ, reinforcing that potential.
That is also where a pair of long-term wave objectives converge and would allow the current advance (from Sept/Oct 2022) to double the magnitude of the 2015 – 2018 advance and be .786 (2DGR) the magnitude of the 2018 – 2020 rally.
Additionally, April Gold has traded in consistent ~150.0/GCJ ranges since November 2022, with parameters at ~1850, ~2000 & ~2150/GCJ. The next range trading target is at ~2300.0/GCJ…
Silver continues to confirm the late-January & mid-February lows as well as subsequent range-trading signals with targets at ~26.75 & ~28.25/SIK. Silver turned its weekly 21 MAC up and then closed above that rising 21 High MAC on March 8th – reinforcing the unfolding upward reversal.
It just gave a corroborating weekly close above 24.56/SIK, turning its intra-year trend up. That is still likely to spur a surge to at least ~27.25/SIK – where several extreme (intermediate) upside targets converge. (If it enters an accelerated surge in the coming week, it could spike above 28.00/SIK.)…
The minimum wave target for this rally – where the advance from mid-February would equal the magnitude of the advance from October – December ’23 – is at 27.37/SIK. That is also where Silver peaked in May 2023 – magnifying its significance.
1 – 3 month & 3 – 6 month traders and investors could have entered/added to long positions in Gold & Silver at averages of 2025/GCJ & 23.00/SIK and can now risk daily closes below 2120/GCJ & 24.22/SIK. Exit 1/2 of Gold positions if/when xxx/GCJ is hit and 1/2 of Silver if/when xx.xx/SIK is hit. FUTURES TRADING INVOLVES SUBSTANTIAL RISK!
The XAU & HUI are surging higher, confirming the outside-week/2 Close Reversal buy signals they generated on March 1st after retesting their October ’23 lows in late-February. Those recent lows added validation to the 12.5 – 13.5-month cycle that bottomed in October ’23 and projected a new 7 – 9 month advance to follow.
In sync with their monthly 21 MACs & 21 MARCs, the XAU & HUI projected surges in March ’24… that have since been unfolding. The action of the past 5 weeks has been similar to the weeks leading into and beyond early-March 2023, when the XAU embarked on a 5-week surge.
In both cases, the XAU suffered a final sharp sell-off for ~2 weeks, bounced, then retested that low ~2 weeks later. In 2023, that led to an overall advance of ~35.00/XAU points over a ~5-week period.
2024 was projected to see something similar.
That could spur a surge above 137.00/XAU. On a near-term basis, the XAU is reinforcing that – showing the potential for a surge that could spike as high as 134 – 138.00… and powerfully confirm the buy signal triggered at 106.00 down to 102.60/XAU.
That is where extreme upside targets exist in the coming week(s) and is where the monthly 21 High MARC exists in March 2024. The latest two weekly LHRs are at 134.18 & 134.52/XAU.
One of the most bullish things the XAU could do in March is to rally and close the month above 126.30/ XAU. That would turn the intra-year trend up (closing above the Jan ’24 high) at the same time it is closing above its monthly 21 High MAC.
If that occurs, the monthly 21 High MAC would almost assuredly turn up in April ’24 – a textbook reversal sequence – since the inversely-correlated 21 High MARC plunges to 114.97/XAU in April ’24. (The XAU would need to rally above 137.40 in March ’24 to turn that average up this month.)
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. Risk/exit on a weekly close below 116.50/ XAU. Exit 1/2 of these positions if/when xxx.xx/XAU is hit.” FUTURES TRADING INVOLVES SUBSTANTIAL RISK!
Gold & Silver are fulfilling their mid-February buy signals – projecting acceleration higher in March/April 2024. The current advance is projected to take Gold above 2300/GCJ with Silver projected to attack ~27.30 and then 28.00+/SIK… as the XAU surges to/above 137.00 into April 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 2024! Gold is acting as the ‘Canary in the Coal Mine’ and has fulfilled projections to break out to the upside in March 2024!
Related cycles reinforce the likelihood for intensification of Middle East War Cycles in 2024 – with a new escalation of Iran vs Israel conflict likely to spur gains in Gold & Silver. Watch March 20 into April 19/20 as the most likely time for escalation of tensions in the Middle East. (The March 2024 INSIIDE Track recently elaborated.)
A 180-degree move from the October 7, 2023 attack on Israel arrives in early-April ’23… a cyclically likely time for a new attack of some form… and acceleration higher in precious metals.
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’.
The Bridge: Gold, Silver and Elliott Wave Structure
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.