Gold & Silver Test Support, Cycle Lows; Prepare for March ’24 Surge.
02-14-24 – “Gold & Silver extended their corrective patterns… and shown this is a larger-magnitude ‘a-b-c’ correction from the early-Dec ’23 spike high.
Both dropped to monthly support leading into mid-month with Silver poised to perpetuate a ~1-month/~30-degree low-low cycle that has created lows on the 13th – 15th of the month in August, Sept, Nov & Dec 2023… that could usher in a new multi-week low…
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The XAU & HUI remain in a corrective pattern since fulfilling their 4Q ‘23 outlook for a rally to 130 – 133/XAU & 251 – 254/HUI…. but could still see their next multi-month high in May 2024. They are trying to hold their ground and wait for a more favorable setup – basis cycles and the monthly 21 MACs & 21 MARCs – in March/April 2024.
To reiterate (again), the majority of upside moves in metals and mining indexes often occur at the tail end of a cycle. With the next cycle peak expected in May ’24, the weeks (or months) leading into that could be when the largest part of a future advance is seen. Until then, there is a lot of ‘treading water’.
The real key could/should be the monthly 21 MACs & 21 MARCs, which are primed to turn more constructive in March or April ’24.”
Gold & Silver are completing multi-month corrections from their early-December ’23 peaks. Mid-February ’24 is 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.