Gold, Silver, XAU & HUI Attack Upside Targets; Final Spike High Possible in Early-May.

04-22-23 – “The markets completed the first month of the Natural Year (March 20/21 – April 19/20), setting important trading ranges that identify pivotal resistance and support levels.  Grain markets, the ones that are most in sync with the Natural Year, reversed lower on April 19 and then sold off sharply.  Soybeans and Corn could now accelerate lower…

Gold & Silver are reinforcing signs of an intermediate peak, particularly in Gold, after fulfilling 1 – 2 month upside targets from the buy signals in early-March ’23.  With its April 13 high, Gold fulfilled a 70 – 71-day/~10-week low-high-(high) Cycle Progression that is very similar to the cycle that helped pinpoint the 4Q ’22 low.  It also fulfilled a 24-day low-high-(high) AND a 22-day low-low-(high) Cycle Progression…

The combination of Silver’s weekly trend reversal and both metals attacking weekly LHR levels also set the stage for a multi-week top leading into this past week – a 360-degree (1-year) cycle from when Gold & Silver triggered sharp sell-offs in 2022.  The mid-April peaks fulfilled upside wave targets on a pair of levels.  As stated two weeks ago…

4-11-23 – “If Gold can make it back up to 2060 – 2080/GCM… it would produce another important clue for the coming years.”

Gold spiked up to 2063/GCM, fulfilling that target as both metals tested and held weekly & monthly resistance levels in mid-April (the ideal time for an intra-month peak)… Silver maintains a slight chance of retesting or spiking above its high in early-May ‘23 and fulfilling a ~4-month low-high-(high) Cycle Progression… Since it remains above its ascending daily 21 High MAC, Silver maintains some strength and could still retest its high in early-May… as long as the daily trend does not turn down.

The XAU & HUI surged into mid-month, peaking right at monthly resistance and also very close to monthly 21 MARC resistance.  In doing so, they matched the duration of their 2021/22 rallies (~28 weeks) while peaking ~12 months/~360 degrees from their mid-April ’22 multi-month highs.  The XAU also matched the price magnitude of that advance.

Similar to Gold & Silver, price action, wave targets and structure, and related timing indicators were all fulfilled and signaled a top in mid-April.  A sell-off into late-April was expected to follow, reinforced by both indexes turning their daily trends down.

Platinum & Palladium are reinforcing developing strength, fulfilling the outlook for rallies from early- March into May 8 – 19 ‘23, the latest phase of the 18 – 19 week low-low-low-low-high-(high) Cycle Progression that timed the early-Jan ’23 peak in Platinum.  Palladium turned its weekly trend up as Platinum turned its intra-year trend up – both signs of additional bullish confirmation.

Copper remains below multi-month cycle highs set in Jan ’23 and created a mid-month peak, ushering in the likelihood for a new sell-off that could trigger multiple negative signals in the coming weeks.  The most convincing, and most bearish, would be a weekly close below 3.7245/HGN – its intra-year low.  That would also (or already) turn the weekly trend and weekly 21 MAC down.”

Gold & Silver have initially tested multi-month upside targets after advancing since fulfilling the 1 – 2 year outlook for lows in Sept ’22 (SI) and Nov/Dec ’22 (GC).  At that time, they entered the ideal setup for the onset of a bullish 1 – 2 year period in precious metals.  Platinum is signaling something similar.  2023/24 holds the potential for some abrupt surprises (in and out of the markets) for precious metals, with multiple advances projected.

The second advance was expected to begin in early-March ‘23 and to last into early-May ’23 (May 3 – 5) when the next intermediate high is cyclically most likely.  They have just set what are likely to be 1 – 2 week peaks that could spur some near-term selling into late-April.  A final spike high is still possible in early-May before metals would enter a prolonged corrective phase.

The XAU & HUI are similar and projected a strong rally to new intra-year highs (into early-May ’23), with upside price targets now being fulfilled – signaling a likely 1 – 2 week peak.  A sell-off into late-April is likely and could be followed by a final spike high in early-May ’23.

How High Could Gold & Silver (&XAU) Reach in 2023? 

Is a New MAJOR Bull Market Unfolding… or Just a Comparable Advance??

Will the Outlook for Bonds (Bottom in ~March ’23) & Interest Rates Concur?

 

 

Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.