Gold & Silver Correcting; Prepare for May/June Surges… Watch Early-May!
04-24-24 – Gold & Silver surged to primary & secondary upside price targets in the first half of April, fulfilling overriding wave timing targets. For the past ~2 months, 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 following week(s). In mid-April, Gold spiked up to a combination of upside targets at 2430 – 2445/GCM and initially peaked.
That also fulfilled ongoing cycles & timing objectives that had projected a rally into the middle half of April with the greatest synergy of cycles on April 12/15th. The high on April 12th fulfilled a ~1-month/~30-degree low-low-low-low-(high; April 12, ’24) Cycle Progression as well as an overriding ~19-wk low (March ’23) – high (July 17-21 ’23) – high (Nov 27 – Dec 1 ’23) – (high; April 8 – 19, ’24) Cycle Progression.
Gold & Silver triggered a second wave of exit signals on April 16th and ushered in a multi-week corrective phase that could still be followed by another advance in the coming weeks or months. That would be reinforced if Gold fails to close below 2304/GCM and Silver fails to close below 26.71/SIK.
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 last week w/avg. gains of about $35,000/contract & $25,500/ contract, respectively. 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 near 27.80/SIK with avg. gains of about $23,000/contract. TRADING INVOLVES SUBSTANTIAL RISK!
The XAU & HUI have pulled back after spiking up to multi-month resistance at 143 – 145.00/XAU – on April 12th. That had the XAU peaking where it previously peaked in mid-April 2023, paralleling the action of last year. The XAU has dropped to support near 130.50/XAU, where previous highs overlap corroborating support.
As long as that holds, it should rally to new highs in the coming weeks.
On a 3 – 6 month basis, the February ’24 low projected a higher-magnitude advance to at least 157.00/XAU, where the current rally would match the magnitude of the late-2022/early-2023 rally. That could be seen in the coming months. It has created a corroborating series of ranges (103 – 116.5 – 130.0 – 143.5 – 157) that are reinforcing this ultimate upside target.
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 156.50/XAU) TRADING INVOLVES SUBSTANTIAL RISK!
Gold & Silver fulfilled their mid-February buy signals, surging into intermediate cycle highs on April 12/15, 2024 and peaking right near their extreme upside targets at 2445/GCM & 30.00/SI. April 16th generated a signal to exit longs and wait for a pullback toward 2280/GCM & 26.50/SIN before a new multi-week rally becomes most likely. A new surge is likely in May/June 2024 with Silver already setting up for a potentially explosive period. Watch early-May 2024 for clues.
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. Silver continues to build synergy of cycles in late-June/early-July 2024.
Where Should Gold & Silver Traders Re-enter Long Positions?
When is Next Silver ‘Sweet Spot’??
Will Platinum (& Palladium) 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.