XAU Buy Signal Corroborates Gold/Silver Buy Signals; New Surge Imminent!
02-24-24 – “Gold & Silver could see late-Feb/early-March rallies in sync with their 2-Year Cycle & corresponding signals… with Silver holding intra-year trend support for the 5th consecutive week as Gold begins to rally after completing a larger-magnitude ‘a-b-c’ correction from the early-Dec ’23 spike high.
Gold closed the week back in its weekly uptrend (after neutralizing it multiple times but not turning it down… a potentially bullish configuration)… That reinforces the outlook for a new rally and the fact 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. (The GLD ETF concurs and is projecting a multi-week surge to ~210.)
Gold has its own ~2-Year Cycle (similar to, but distinct from, stock indexes) that previously triggered a sharp rally from mid-February into early-March 2022… and a sharp rally from mid-February into mid-March 2020.
2024 is set up to repeat that cycle/pattern!
Silver remains under the positive influence of its outside-week/2 Close Reversal higher – reinforcing the outlook for a multi-month rally into May 2024 (and potentially longer).
This occurred after it set a double bottom in mid-February, perpetuating a ~1-month/~30-degree low-low cycle that had created lows on the 13th – 15th of the month in August, Sept, Nov & Dec 2023… and now in February ’24.
Silver has twice neutralized its weekly downtrend and needs a weekly close above 23.76/SIK to reverse that trend to up and confirm a multi-month bottom. That would also generate a range-trading signal in which Silver has traded in ~1.50/SIK ranges the past 3 – 4 months (~22.25 – ~23.75 – ~25.25 – ~26.75/SIK).
Due to the position of its plunging but inversely-correlated weekly 21 MARC, Silver is likely to turn its weekly 21 MAC up in the coming week.
If it can do that while turning its weekly trend up, Silver would generate an exponentially more powerful signal and could trigger a quick surge to ~25.25/SIK (weekly LHRs) and potentially to its Dec. ’23 high. A weekly close above its weekly 21 High MAC (~24.30/SIK) would corroborate.
Gold & Silver are expected to move higher, on balance, into May ’24 and ultimately into early-July ’24 – the next phase of a ~7-month/~30-week high-high-high-(high) Cycle Progression. The ~3.5-month/~15-week midpoint comes into play in late-March ’24 and should also be monitored.
1 – 3 month & 3 – 6 month traders and investors can be entering/adding to long positions in Gold & Silver at 2000 – 2030/GCJ & 22.50 – 23.50/SIK [reserved for subscribers]. TRADING INVOLVES SUBSTANTIAL RISK!
Gold & Silver are poised to rally into early-March but need daily closes above 2065/GCJ & 23.77/SIK to confirm. 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.
The XAU & HUI remain corrective after fulfilling the outlook for a 4Q ’23 rally to 130 – 133/XAU & 251 – 254/HUI. That peak projected a future multi-month high in April/May 2024… and a long consolidation in between. A second multi-week rally is now poised to begin.
The monthly 21 MACs & 21 MARCs turn more favorable in March/April 2024 so a new 2 – 3 month rally could begin at any time. They initially bottomed after matching the magnitude of their previous (July – Oct ’23) declines, reinforcing that potential.
A rally into month-end, even if it does not exceed the early-month highs, would provide a bullish signal for a multi-week rally. An ~11-week high-high-low-high-(high) and corresponding ~5.5-week high-high-(high) Cycle Progression project the next high on March 8 – 15, 2024.
1 – 3 month traders & investors can enter long positions in related instruments (ETFs, stocks, etc.) and risk/exit [reserved for subscribers]. 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 should accelerate higher in March 2024.
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 could provide the next corroboration to that outlook. Gold is acting as the ‘Canary in the Coal Mine’.
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.