Gold & Silver Trading: Late-April Plunge Confirms Cycle Peak.
04/30/22 Weekly Re-Lay – “Gold & Silver sold off in a likely ‘c’ wave decline after peaking on April 18/19 and fulfilling the latest phase of the ~6-week/41 – 42-day low-low-high-(high) Cycle Progression that helped pinpoint the March 7 – 11 high in Gold (and projects a future high in late-May).
The April 18 highs reinforce the next phase of both this ~6-week and the overriding ~12-week cycles – converging in late-May… During both of those recent peaks, Gold reinforced the uncanny sequence of ~80.0/GC trading ranges that have governed its action in recent years – first fulfilling analysis for a surge back to the high near 2080/GC (on March 8, Gold peaked at 2082/GCM) and then setting the April 18 secondary high near 2000/GC.
Gold was projected to subsequently bottom on [reserved for subscribers]…
Gold & Silver sold off sharply after precisely fulfilling the outlook for a multi-week peak on April 18/19 – the latest phase of a 41 – 42-day low-low-high-(high) Cycle Progression. Gold neutralized its daily downtrend but cannot turn it up until May 3 at the earliest (trigger point not yet established). Silver remains in a daily downtrend…
The XAU & HUI also peaked in line with weekly cycle highs, falling a little short of the final upside price targets. They fulfilled a 29 – 31 week high-high-low-low-(high) Cycle Sequence that has helped time most of the primary 3 – 6 month turning points of the past three years. It also fulfilled a ~10-month high (Aug ’20) – high (June ’21) – high (April ’22) Cycle Progression.
The XAU dropped below, while the HUI is holding, the levels of their Nov ’21 highs – a key level of resistance turned into support and wave support. The weekly trends argue for an intermediate bottom in the coming week.
Platinum & Palladium are mixed with Palladium attempting to confirm a secondary low as Platinum has dropped to major support near 900.0/PLN.
Copper is reinforcing signs of a multi-month peak after topping in line with a 21 – 22-week high-high-high-(high) Cycle Progression in early-March while fulfilling its ~2-year outlook. It has confirmed a ‘c’ wave decline with an initial downside target near 4.300/HGN and 3 – 6 month support at ~4.100/HG”
Gold, Silver & XAU/HUI Indexes fulfilled expectations for rallies from mid-March into April 18/19 – the Date of Aggression when Gold cycles projected another multi-week peak followed by a sharp sell-off. The overall equity market was similar – projecting a peak on April 19 – 21 followed by an abrupt sell-off.
Along with the overall stock markets, metals entered a dangerous time on/after the Date of Aggression when abrupt sell-offs had been projected. The XAU & HUI fulfilled multi-month cycle highs and similarly turned bearish.
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Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.