Gold/Silver Reinforce May 20 Cycle Highs; Intermediate Correction Likely.
05-29-24 – 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 have begun to sell off but need daily closes below 2326/GCM (2348/GCQ) & 3019/SIN to signal a higher-magnitude pullback. If triggered, that would increase the potential for Gold to dip below its early-May low (2285/GCM & 2308/GCQ) and Silver to test multi-week support (& a 50% retracement) near 29.50/SIN
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. Many other cycles also project a peak at that time.
The XAU & HUI fulfilled projections for overall surges into ~May 20th – when a multi-week peak would be most likely. The XAU was forecast to surge to at least ~148.00/XAU and potentially to 150.50 – 152.00/XAU.
These indexes rallied into May 20th with the XAU topping at 152.02 before reversing lower. The May 20th high also completed successive advances of equal duration (~80 days each) while completing symmetry between multi-month peaks. It fulfilled a ~5-month high (July 18 – 22) – high (Dec 18 – 22) – (high; May 18 – 22, 2024) Cycle Progression.
That could/should spur a quick pullback that could spur a drop into May 30/31st and potentially back toward 130.00.
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.
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.
The final 1/3 could have been exited on the May 28th open – 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 has 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; 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.