Gold & Silver Revealing Roadmap for Multi-Week Surge into Late-March ‘24!
03-01-24 – “Gold & Silver are fulfilling the outlook for late-Feb/early-March rallies in sync with their 2-Year Cycle & corresponding signals…
Gold & Silver remain in wide trading ranges with Silver holding intra-year trend support for 6 consecutive weeks as Gold begins to rally after completing a larger-magnitude ‘a-b-c’ correction from the early-Dec ’23 spike high.
Gold remains 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 that has just been initially signaled with Gold setting its highest weekly close in history.
Gold continues to trace out a bullish weekly & monthly 21 MAC scenario. On a weekly basis, Gold’s October – Dec. ’23 surge had it completing an initial reversal – closing above its weekly 21 High MAC and surging to 2 – 3 month upside targets as it turned the direction of that 21 MAC up.
That is often followed by a reaction back to its weekly 21 Low MAC as a market traces out a larger-magnitude wave ‘2’ in an ‘a-b-c’ structure. Gold did exactly that as it retraced to its now-ascending weekly 21 Low MAC (2000.6/GCJ) on February 14 and immediately rebounded, preventing its intra-year trend from turning down.
Its weekly trend pattern also signaled a low at that time. (That coincided with Gold holding above its rising monthly 21 High MAC – a very bullish pattern.) Gold quickly rallied and closed this past week above its ascending weekly 21 High MAC – projecting a rally to new highs and beyond.
Based on multiple wave objectives (rally from Oct ’23 low = Oct ’22 – May ’23 rally; rally from Feb ’24 low = Oct – Dec ’23 rally, etc.), Gold could see a surge to ~2300/GCJ in the coming months. It is also a pair of long-term wave objectives and would allow the current advance (from Sept/Oct 2022) to double the magnitude of the 2015 – 2018 advance and be .786 (2DGR) the magnitude of the 2018 – 2020 rally.
Additionally, April Gold has traded in consistent ~150.0/GCJ ranges since November 2022, with parameters at ~1850, ~2000 & ~2150/GCJ. If it breaks out to the upside, as expected, the next range trading target would be ~2300.0/GCJ.
[While it is very premature to be discussing this, a rally to ~2300/GC would provide an intriguing wave scenario moving forward from that point with the next stage being [reserved for subscribers]…
On a 1 – 2 week basis, a surge back to ~2170/GCJ – where Gold’s weekly LHR intersects its all-time intraday peak and range target – appears likely. If it does that in the coming week, Gold would provide a perfect form of symmetry – first declining for ~22 weeks from ~2160 to ~1860/GCJ and then rallying for ~22 weeks, from ~1860 back up to ~2160/GCJ…
Silver needs a weekly close above 23.76/SIK to reverse the weekly trend up & confirm a multi-month bottom. That would also generate a range-trading signal with targets at ~25.25 & ~26.75/SIK. Silver turned its weekly 21 MAC up but needs a weekly close above ~24.40/SIK to validate.
1 – 3 month & 3 – 6 month traders and investors could have entered/added to long positions in Gold & Silver around 2025/GCJ & 23.00/SIK and can now risk daily closes below the mid-Feb. lows. TRADING INVOLVES SUBSTANTIAL RISK!
Gold & Silver are fulfilling projections for a surge into early-March, mimicking the movement of the same time period in 2020 & 2022 (2-Year Cycle) as well as a host of corroborating signals.
As stated on February 24th, “Similar to late-Nov/early-Dec ’23 (~3-month/~90-degree cycle) & late-Feb/early-March ’22 (~2-Year Cycle), Gold & Silver could see abrupt 2 – 3 week surges.”
That is what is unfolding and could/should trigger an initial spike higher into March 6 – 8th. Based on daily & weekly cycles, that could spur a quick pullback into ~March 13th and then a new rally into ~March 22nd. Daily & intra-month trends should help hone this analysis.
The XAU & HUI retested their October ’23 lows and initially held, providing the potential for a new multi-month rally to follow. They appear poised to surge in the coming weeks, in sync with their monthly 21 MACs & 21 MARCs that turn more favorable in March/April 2024.
The action of the past 3 weeks has been similar to the three weeks leading into early-March 2023, before the XAU embarked on a 5-week surge. In both cases, the XAU suffered a final sharp sell-off for ~2 weeks, bounced, then retested that low ~2 weeks later.
In 2023, that subsequently led to an initial surge of ~16.00/XAU points during the first 7 trading days and then an overall advance of ~35.00/ XAU points over a ~5-week period.
Could 2024 see anything similar?
The most bullish thing the XAU could do in March is to rally and close the month above 126.30/XAU. That would turn the intra-year trend up (closing above the January ’24 high) at the same time it is closing above its descending monthly 21 High MAC.
If that occurs, the monthly 21 High MAC would almost assuredly turn up in April ’24 – a textbook reversal sequence – since the inversely-correlated 21 High MARC plunges to 114.97/XAU in April ’24. On a near-term basis, a rally above 115.00/XAU – in the coming week – would turn multiple indicators positive and likely trigger more upside momentum.
1 – 3 month traders & investors can be entering long positions in related instruments (ETFs, stocks, etc.) when the XAU is at 107.00 down to 102.30. Risk/exit on a weekly close below 102.30/XAU.” TRADING INVOLVES SUBSTANTIAL RISK!
Gold & Silver are confirming their mid-February ’24 lows – set during the ideal time and place for a low to take hold and a new advance begin… that was projected to accelerate higher in March 2024. An overall (intermediate) advance is projected from the mid-February cycle lows into late-March 2024 and up to key price targets (with Gold surging to new all-time highs).
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 should provide the next corroboration to that outlook. Gold is acting as the ‘Canary in the Coal Mine’ and is poised to break out to the upside in March 2024!
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’.
https://www.
https://www.
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.