Gold Signals End of Correction as Silver Holds Support; Prep for March ’24 Surge.
02-17-24 – “Gold & Silver are poised to see late-Feb/early-March rallies in sync with their 2-Year Cycle… Gold & Silver extended their corrective patterns with Silver holding intra-year trend support for the 4th consecutive week as Gold showed this is a larger-magnitude ‘a-b-c’ correction from the early-Dec ’23 spike high.
It closed the week back above its January low and 50% retracement level (2016/ GCJ) – signaling that ‘c’ wave could be complete.
That does not change the outlook for a new rally and does not diminish the fact Gold (and GLD, etc.) remain in the upper extremes of its 1 – 2 year uptrend, 3 – 5 year trading range and 8 – 10 year uptrend on the verge of an upside breakout in 2024… potentially soon. (GLD closed the week back above 185, reinforcing that bullish potential.)
Gold has its own ~2-Year Cycle that previously triggered a sharp rally from mid-February into early-March 2022… and a sharp rally from mid-February into mid-March 2020. Could 2024 repeat that?
Both metals dropped to monthly support leading into mid-month with Silver perpetuating a ~1-month/ ~30-degree low-low cycle that had created lows on the 13th – 15th of the month in August, Sept, Nov & Dec 2023… and now in February ’24.
It held the low it set on Jan 17 – 24 – the latest phase of a ~15-week low-low-low-(low) Cycle Progression… and the final week when the weekly HLS pattern projected a 1 – 2 month low.
That should trigger an overall ~15-week advance into the first half of May 2024, a ~1-year/~360-degree cycle from the May 2023 high and 3 years from the May 2021 high. It would also coincide with when Dollar Index cycles bottom.
Silver completed the week with an outside-week/ 2 Close Reversal higher – reinforcing its developing strength and the outlook for a multi-month rally into May 2024 (and potentially longer).
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Gold & Silver sold off into mid-month, in sync with the daily trends & 21 MARCs discussed last week that exerted bearish pressure into Feb 13/14. They set lows at weekly/monthly support.”
Gold & Silver have likely completed multi-month corrections from their early-December ’23 peaks. Mid-February ’24 was 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.