Gold & Silver Consolidate Near Highs; Prepare for May/June Rallies.

04-21-24 – Gold & Silver surged to primary & secondary upside price targets in the first half of April, fulfilling overriding wave timing targets, particularly in Gold.  For the past ~8 weeks, Gold had been projected to surge from ~2040 (in mid-February) into the middle half of April 2024.

Gold attacked its weekly LHR on April 5th, portending an ensuing intermediate peak in the 2 – 3 weeks that followed.  That often involves a test of the weekly HHR in one of the two weeks after the LHR has been reached.

In mid-April, that level came into play at 2444/ GCM and coincided with a combination of other upside targets at 2430 – 2445/GCM.  That included the April 2024 PLLR (2431/GCM) and a pair of range targets.

Gold rallied to 2448/GCM on April 12th… and has consolidated since then.

That high also fulfilled a ~19-wk low (March ’23) – high (July 17-21 ’23) – high (Nov 27 – Dec 1 ’23) – (high; April 8 – 19, ’24) Cycle Progression.  An intervening 65 – 69 day low-low-low-(high) Cycle Progression recurs on April 19 – 23rd.  [A related ~10-week low-low-low-(high) Cycle Progression could produce a high at any time on April 19 – 26th.]

An intervening ~33-day low-low-(high) Cycle Progression would be fulfilled with a high on April 19th/22nd…

Meanwhile, Silver surged to its own combination of upside targets and attacked 30.00/SIK before pulling back.  Its extreme upside target for April 2024 – the monthly LHR – was at 29.76/SIK and also represented a primary range target based on its trading in 2024.

Silver spiked up to 29.90/SIK and set an initial 1 – 2 week (or longer) peak…

1 – 3 month & 3 – 6 month traders/investors could have entered long positions in Gold & Silver at averages of 2045/GCM & 23.00/SIK and exited the second 1/2 mid-week w/avg. gains of about $35,000/contract & $25,500/contract, respectively.   FUTURES TRADING INVOLVES SUBSTANTIAL RISK!

The other 1/2 of Gold positions should have been exited when 2319/GCM was hit – with avg. gains of about $27,000/contract – and in Silver at the start of last week with avg. gains of about $23,000/contract.   FUTURES TRADING INVOLVES SUBSTANTIAL RISK!

The XAU & HUI corrected after surging into mid-April in line with their monthly 21 MACs & 21 MARCs and the unique parallels to the previous surge from mid-February into mid-April 2023.  The XAU spiked up to the resistance where it peaked in mid-April 2023 and (initially) peaked at the same time.

The XAU triggered a brief pullback that spiked down to 130.50 – 131.80/XAU, where previous highs overlap weekly support and HLS.  As long as this support holds, the XAU is capable of rallying to new highs and potentially surging as high as monthly extremes that converge around 150.50 – 151.90.

1 – 3 month traders & investors could have entered long positions in related instruments (ETFs, stocks, etc.) when the XAU was at 102.60 – 106.00 in late-February ‘24 – when the buy signal was published – and exited 1/3 of those positions when 134.00/XAU was hit.  Another 1/3 could have been exited when 138.00/XAU was hit.

Exit the remaining 1/3 on a daily close below 130.60/XAU (or a test of 150.50/XAU).  TRADING INVOLVES SUBSTANTIAL RISK!

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Gold & Silver fulfilled their mid-February buy signals – projecting acceleration higher into April 12/15, 2024 and spike highs near 2445/GCM & 30.00/SI.  A new surge is likely in May/June 2024 with Silver already setting up for a potentially explosive period.  Watch critical support near 26.50/SI.

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!  The primary focus remains on early-July 2024.

 

What Does Gold & Silver Surge Portend for Other Markets?? 

When is Next Silver ‘Sweet Spot’?

Will Platinum Soon Join In (Watch May 2024)?

 

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.