Gold/Silver in Multi-Week Pullbacks Following May 20 Cycle Highs.
06-01-24 – Gold & Silver have consolidated after surging into May 20th and setting initial multi-week highs. At the time, Gold set new all-time highs (fulfilling its weekly trend) as Silver spiked to new multi-year highs and right to its initial upside target at 31.50 – 32.20/SIN.
They could retrace to ~2280/GCQ & ~29.50/SIN before resuming their advances.
On a broader basis, Silver has a ~14-month/~60-week high-high-(high) Cycle Progression that recurs on June 24 – July 5, 2024 (2-week period; entire month of July 2024 represents the next phase of a broader ~14-month cycle) and portends a peak.
That reinforces what Silver’s most consistent multi-month cycle portends – a ~30-week (30 – 31-week) high-high-high-high Cycle Progression that recurs on June 24 – 28 (and July 1 – 5) 2024…
The XAU & HUI have retreated after fulfilling projections for overall surges into ~May 20th and to 150.50 – 152.00/XAU. The May 20th high fulfilled successive advances of equal duration (~80 days) while fulfilling a ~5-month high (July 18 – 22) – high (Dec 18 – 22) – (high; May 18 – 22, 2024) Cycle Progression. A drop to 133.50 – 135.00/XAU could be seen in the coming week.
On a larger-scale basis, the XAU & HUI remain in multi-month uptrends that could ultimately extend into September ’24 before a 6 – 12-month peak would be most likely.
That would complete or fulfill multiple wave relationships, cycles and timing indicators while perpetuating a ~2-Year Cycle that has timed all of the multi-year swings since the major bottom in early-2016 – with each extreme occurring in the August/September time frame.
That ~2-Year Cycle pinpointed the August ’16 high, Sept ’18 low, Aug ’20 high and Sept 2022 low – and could time another peak in Aug/Sept 2024.
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 and progressively exited them – 1/3 when 134.00/XAU was hit, 1/3 when 138.00/XAU was hit and the final 1/3 around 146.00/XAU. TRADING INVOLVES SUBSTANTIAL RISK!
Gold & Silver fulfilled their early-May buy signals, surging right to upside price targets and into intermediate cycle highs on May 17/20th. A multi-week top was projected and is triggering a sizeable decline that should bottom in June… before a new rally into July 2024 – when Gold is projected to set a decisive, multi-month peak. (Silver had greater synergy of cycles in May 2024, so a July ’24 peak could be a divergent/lower high than Gold.)
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. However, an ongoing battle with the Dollar Index should intensify volatility in preparation for the biggest surprises in 2025 & 2026.
Gold & Silver Fulfill Projected Surges into May 17/20th; Initial Top Forming.
June ’24 Low Should Spur New Rally into July 2024 Peak!
40-Year Cycle (Projected) Impact on 2024/2025 Powerfully Reinforced.
“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.