By: Jeff Cooper
Hit and Run Trading Bonus Report - November 15, 2023
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Gold: The Second Mouse Gets The Cheese
Gold and silver corrected after an initial surge in October.
A weekly GLD shows it turned its 3 Week Chart up on the week of Oct 23rd as it tested the upper rail of a trend channel.
Following the late October high, GLD pulled back making two consecutive weekly lower lows leaving a weekly +1/-2 buy signal.
This is because the 3 Week Chart turn up satisfied a Plus One and two consecutive lower weekly lows satisfied the Minus Two party of my Hit and Run Swing Method.
The initial surge produced a powerful wave 1 with a strong likelihood that the relatively shallow pullback carved out a corrective wave 2 retracement.
My expectation is that GLD is poised to “come out.
It is in position to attack the top of the weekly trend channel at the 185 region.
If GLD is embarking on a powerful wave 3 advance it should explode thru the well-defined resistance from this new impulse from a higher weekly low.
In other words the second mouse should get the cheese/gold.
SLV projects to 34
Let’s take a look back to recent Hit and Runs report on the precious metals:
In sum, time and price cycles in gold and silver are poised to validate the next phase of an impending major bull market that could run well into the next few years.
This next leg of the advance should run into cycles highlighted in the Hit and Run Private Twitter Feed.
The goal is to identifying the best time and price to enter as the metals inhale and exhale in order to
Capitalize on our our expectations of momentous momentum.