Gold & Silver Signal 1 – 2 Week Peaks; Pullback into Late-April.

04-15-23 – “Gold & Silver remain bullish, fulfilling the outlook for a new 1 – 2 month surge from daily/weekly/ monthly cycle lows in early-March ’23.  In the ideal cyclic scenario, they would stretch final highs into early-May ‘23 and fulfill a ~3-month low-high-(high) Cycle Progression in Gold and a ~4-month low-high-(high) Cycle Progression in Silver.

From a price and wave perspective, however, Gold & Silver have already fulfilled primary objectives for a new 1 – 2 month peak… even though additional upside is possible.  It’s just important to acknowledge that price targets have been met.

There are other factors that could also be honing the timing for an intermediate peak.  Both tested and held weekly & monthly resistance levels as they surged into mid-April.  In the case of Gold, it only turned its intra-month trend up for a day before both Gold & Silver fulfilled those intra-month upside targets (in time and price).

That is an ideal scenario (testing monthly resistance at mid-month) for an intra-month peak – creating the potential for an Intra-month Inverted V.  In order to complete that pattern, they would need to decline into late-April…

 

Gold & Silver surged to monthly resistance levels and initially peaked at mid-month as Gold was fulfilling a 24-day low (Feb 24) – high (Mar 20) – (high; April 13) Cycle Progression.  Silver surged to its daily LHR on April 12, portending a 1 – 2 week peak in the ensuing (1 – 3) days.

Since Silver was also attacking the upper extreme of weekly resistance and lower extreme of monthly resistance, as both metals neared the levels of their 2022 peaks, that ushered in the ideal scenario for a 1 – 2 week (or longer) peak.  Based on the intra-month pattern, that could spur selling into late-April…

The XAU & HUI surged into mid-month, peaking right at monthly resistance and also very close to monthly 21 MARC resistance.  In doing so, they have matched the duration of their 2021/22 rallies (~28 weeks) while peaking ~12 months/~360 degrees from their mid-April ’22 multi-month highs.

Not only did the XAU rally for exactly the same amount of time as in 2021/22, it also matched the price magnitude of that advance.  The XAU needed to reach 144.84 to match that previous surge.  It just peaked at 145.15/XAU!

Similar to Gold & Silver, price action, wave targets and structure, and related timing indicators have all been fulfilled and are signaling a top.

A sell-off into late-April is now more likely.

Platinum & Palladium are showing added signs of bottoming as Platinum neutralized its intra-year downtrend (a week after turning its weekly trend up) while Palladium neutralized its weekly downtrend for the second time.  It needs a weekly close above 1524.5/PAM to turn that weekly trend up.

That could spur a brief pullback followed by a new rally into May 8 – 19 ‘23, the latest phase of the 18 – 19 week low-low-low-low-high-(high) Cycle Progression that timed the early-Jan ’23 peak.”

Gold & Silver have steadily advanced since fulfilling the 1 – 2 year outlook for lows in Sept ’22 (SI) and Nov/Dec ’22 (GC).  At that time, they entered the ideal setup – based on inflationary factors (slowing), interest rates, and the Dollar (peaking) – for the onset of a very bullish 1 – 2 year period in precious metals.  Platinum is signaling something similar.  2023/24 holds the potential for some abrupt surprises (in and out of the markets) for precious metals, with multiple advances projected.

The second advance was expected to begin in early-March ‘23, after metals completed ‘2’ or ‘B’ wave pullbacks (following the initial advances), and to last into early-May ’23 (May 3 – 5) when the next intermediate high is most likely.  They have just set what are likely to be 1 – 2 week peaks that could spur some near-term selling into late-April.

The XAU & HUI are similar and projected a multi-month low by/on March 6 – 10 – perpetuating an uncanny ~23-Week Cycle.  The monthly trend projected a strong rally to new intra-year highs to follow, which has been fulfilled – signaling a likely 1 – 2 week peak.

How High Could Gold & Silver (&XAU) Reach in 2023?  Is a New MAJOR Bull Market Unfolding??

 

Will the Outlook for Bonds (Bottom in ~March ’23) & Interest Rates Concur?

 

Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.