Gold & Silver Poised for Final Spike High on May 4/5; Sharp Sell-off Should Follow!
05-03-23 – “Today (potentially) marked at least two important culminations. One is very short-term oriented (1 – 2 week impact) while the other could have a multi-year impact. The longer-term one is the possibility the Fed just raised rates for the final time… at least during this 1+-year series of interest rate increases.
As described in previous publications, this should have many implications – from corroborating the March ’23 bottom in Bonds & Notes to reinforcing the ‘sweet spot’ that metals find themselves in, with inflation still very much intact but the negative pressure of looming interest rate increases taken off the radar. That could even create the early-May spike highs in metals.
The shorter-term culmination is that of the opening range of May ’23. Now that the first three trading days of the new month are complete, each market would need to [reserved for subscribers]…
Gold & Silver are reinforcing signs of an intermediate peak, particularly in Gold, after reaching 1 – 2 month upside price targets from the buy signals triggered in early-March ’23. As part of that peak, Gold & Silver could retest their highs after Gold turned its daily trend back up to begin the week. It could test monthly resistance at 2063 – 2084.7/GCM.
That would fulfill the ‘window of opportunity for a quick spike up in the early days of May ‘23 – in line with 2, 3 & 4-month high-high cycles’.
The next phase of Gold’s 24-day low-high-high-(high) and 22-day low-low-high-(high) Cycle Progressions – that helped time the April 13 high – come into play on May 4 – 8. The new intra-month trends should also help time a potential peak.”
Gold & Silver have reached multi-month upside targets after advancing 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 for the onset of a bullish 1 – 2 year period in precious metals. Platinum is signaling something similar. 2023/24 holds the potential for some abrupt surprises for precious metals (in and out of the markets), with multiple advances projected.
The second advance was projected to begin in early-March ‘23 and last into May 3 – 5, ’23, when the next intermediate high is cyclically most likely. Based on the late-April sell-offs (which were not that bearish but warn of a future decline), a final spike high is still likely in early-May before metals would enter a prolonged corrective phase and experience larger sell-offs.
The XAU & HUI are similar and projected a strong rally to new intra-year highs (into early-May ’23), with upside price targets now being fulfilled. A retest of those targets could be seen during a final spike high in early-May ’23.
How High Could Gold & Silver (&XAU) Reach in 2023?
Is a New MAJOR Bull Market Unfolding… or Just a Comparable Advance??
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.