Silver Poised for Strong Surge; Reinforcing ‘Ideal’ Scenario for May/June 2024!

05-04-24 – Gold & Silver have consolidated but could resume rallies in the coming week… Gold & Silver have corrected and consolidated after surging to primary & secondary upside price targets in the first half of April, fulfilling overriding wave timing targets and intermediate cycles as well.

Reinforcing the projections for a surge into mid-April, Gold attacked its weekly LHR on April 5th – portending an ensuing intermediate peak in the following week(s).  On April 12, Gold spiked up to a combination of upside price targets at 2430 – 2445/GCM and initially peaked.

Gold & Silver triggered a second wave of exit signals on April 16th and ushered in a multi-week corrective phase that could still be followed by another advance in May/June ‘24… potentially taking hold in the coming week.

Both metals reached and held initial downside targets at ~2300/GCM & ~26.50/SIN

The new intra-month trends should help determine what to expect in the coming weeks.  It would take daily closes above 2340/GCM & 27.25/SIN to turn the new intra-month trends up and project a new round of upside into (at least) mid-May ’24.

Silver is at a decisive juncture and could reinforce the ‘ideal’ price, wave, and cycle scenario IF it holds this past week’s low.  That ‘ideal scenario’ involves the next peak – one that could be more significant than existing ones – arriving in late-June/early-July 2024, when a myriad of cycles converge.

Already, Silver has a ~14-month/~60-week high-high-(high) Cycle Progression that recurs on June 24 – July 5, 2024 (2-week period with the entire month of July 2024 representing the next phase of a broader ~14-month cycle).

That reinforces what Silver’s most consistent multi-month cycle – over the past 5 years – portends.  A ~30-week (30 – 31-week) high-high-high-high Cycle Progression next recurs on June 24 – 28 (and July 1 – 52024 and is expected to time a top.

If Silver holds is May 2nd low, it could embark on a fourth consecutive 58 – 60 day rally – culminating on June 28/July 1, 2024.  Even if it spikes lower on May 6th – a remaining possibility – it would complete a subsequent 58 – 60 day rally around July 3 – 5th

That is the time frame (duration) of every primary advance Silver has completed since March 2023.

Gold continues to project a major peak in (early?) July 2024 – the culmination of a myriad of monthly cycles.  That would also perpetuate the timing parallels to the previous multi-year advance and its initial action in 2016/2017 (see recent INSIIDE Tracks for more specifics on this outlook). 

Gold Silver are trading sideways to begin the month of May and now need daily closes above 2340/GCM & 27.25/SIN to turn the new intra-month trends up.

That would project a rally into May 17 – 24th (greatest synergy of cycles is May 17, 20 & 21st) – the next phase of daily cycles that helped pinpoint the mid-April ’24 highs.

The XAU & HUI pulled back and has consolidated for ~3 weeks after surging to multi-month resistance at 143 – 145.00/XAU on April 12th.  That had the XAU peaking where it previously peaked in mid-April 2023, paralleling the action of last year.

The XAU dropped to support near 130.50/XAU, where previous highs overlap corroborating support and where a pullback low was projected.  As long as that holds, it should rally to new highs in the coming weeks.

The daily trend pattern corroborates that – remaining positive throughout this entire correction/ consolidation – and would not turn negative until a daily close below 130.60/XAU.

In the short-term, the XAU should not give a daily close below 132.40, which would turn its new intra-month trend down and delay the onset of any rally.  That would also generate a dual negative daily 21 MAC signal, reinforcing its significance.

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.

Exit the remaining 1/3 on a daily close below 132.40/XAU (or a test of 150.30/XAU).  TRADING INVOLVES SUBSTANTIAL RISK!


 

Gold & Silver fulfilled their mid-February buy signals, surging into intermediate cycle highs on April 12/15, 2024 and peaking right near their extreme upside targets at 2445/GCM & 30.00/SI.  They have since pulled back to support and are on the cusp of a new multi-week rally.  A new overall surge is likely in May/June 2024 with Silver already setting up for a potentially explosive period.  Initial Surge into May 17 – 24th Likely!.

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 in March 2024!  The primary focus remains on early-July 2024.  Silver continues to build synergy of cycles in late-June/early-July 2024.

 

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