Gold, Silver & XAU Poised for Multi-Week & Multi-Month Surges!
02-29-24 – “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 in 2024 (potentially soon). Gold & Silver continue to trace out movement that parallels the onset of their 2016 – 2020 bull markets…
In 2016, Gold & Silver rallied for 7 – 8 months before selling off for the ensuing ~5 months.
In 2022/2023, Gold & Silver rallied for 7 – 8 months before selling off for the ensuing ~5 months.
In 2016, Gold retraced 70 – 75% of its initial rally during that ~5-month sell-off.
In 2023, Gold retraced 70 – 75% of its initial rally during the ~5-month sell-off into early-October ‘23.
That set the stage for ‘3rd waves’ – on multiple levels to begin to take hold… with the first being an accelerated surge into early-Dec ‘23.
In 2016/2017, Gold subsequently rallied for ~9 months – into Sept 2017 – before setting a 1 – 2 year peak. The parallels could continue…
In 2023/2024, Gold is forecast to rally into [reserved for subscribers]...
In that 2016/2017 case, the sharpest rally occurred in the final ~3 months, from July – Sept 2017.
In 2023/2024, Gold is also expected to see its sharpest rally in the final months.
Ideally, a higher (secondary) low would be set at the ~4.5-month midpoint (of that potential ~9-month advance) – in mid-February 2024… and trigger an initial sharp surge into early-March 2024.
Gold retraced to its lowest point of the year, and the lowest point of this ‘a-b-c’ correction from the early-December ‘23 peak, on February 14, 2024… a multi-week high in late-March ‘24 – the midpoint of the ~7-month cycle between highs – would corroborate.
On the whole, Gold & Silver continue to reinforce analysis that projected major, multi-year lows to take hold in late-2022 and lead to a series of rallies & pullbacks during the initial phases of what has been forecast to be a larger-magnitude advance. Buy signals for 1 – 3 month & 3 – 6 month traders were recently triggered in the days following the mid-Feb. ’24 lows (see Weekly Re-Lay for details) and reinforce the outlook for an imminent surge.
The XAU & HUI remain corrective after fulfilling the outlook for a 4Q ’23 rally to 130 – 133/XAU & 251 – 254/HUI…
The monthly 21 MACs & 21 MARCs turn more favorable in March/April 2024 so a new 2 – 3 month rally could begin in the coming weeks. The XAU is poised to generate a second neutral signal against its prevailing monthly uptrend, identifying March ‘24 as the ideal month for a reversal higher and the onset of a new surge.”
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 should 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’.
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Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.