It’s 100% Certain! Gold & Silver Are Next to Go Completely Crazy in 2024 – Chris Vermeulen

It’s 100% Certain! Gold & Silver Are Next to Go Completely Crazy in 2024 – Chris Vermeulen

but overall gold is is in a strong Trend
the next stop I think is about 26 2700
based on the longer term charts if we
look at the monthly chart it’s it’s very
clear we’re in a bull market phase
people give up on it people are super
impatient so give it a bar or so and
then boom we could see this up at 26
2700 yeah which could coincide with the
stock market you know struggling or even
moving lower and eventually if gold hits
20 you know 6 2700 that actually might
be you know the time where the stock
market is now actually really about to
to collapse in a much bigger way but
Silver’s got potential to Rally to
roughly if we were to look at it
somewhere right up to around 30 36 uh
dollars an ounce which is a fairly
significant move so gold has
transitioned into a bull market phase
surpassing its targets and exhibiting
increased volatility according to
chrisopher moan Chief Market strategist
of the technical traders.com
despite recent consolidation the overall
trend for gold remains bullish gold
prices maintain a subdued tone near
their lowest level in over 2 weeks
during the early part of the European
session on Tuesday while holding above
the $2,300 mark from a technical
standpoint a sustained break and
acceptance below the 23.6% Fibonacci
retracement level of the February to
April rally could indicate further
intraday downside
movement vermolen acknowledges the
current market volatility which is
driven by short-term Trader reactions to
price fluctuations however he emphasizes
that such fluctuations are a natural
part of the market cycle and anticipates
gold will resume its upward
trajectory despite being approximately
4% below its all-time high of over $2400
achieved earlier this month gold prices
have still seen a remarkable 14%
increase this year outperforming the S&P
500’s 5% return the precious metal has
experienced a significant surge in value
in recent years with prices soaring by
more than 50% since February 2020 just
before the onset of the covid-19
pandemic
and nearly 20% in the last 2 months
alone the recent sell-off in Gold can be
attributed to various factors including
a slight price correction following a
historic rally across asset classes as
investors take profits and portfolio
managers reposition verm moin further
analyzes longer term charts and
identifies key Fibonacci extension
levels that suggest a potential target
range of $2,600 to $2,700 for
gold this projection aligns with the
bullish Trend in the monthly charts
indicating continued optimism for the
precious metals future performance come
along as we explore the valuable
insights provided by Chris for milin
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mean I’d say gold has broken out Gold’s
in in a bull market phase uh it’s
reached its targets you and I had talked
about these Fibonacci targets uh from
before how it how gold came up hit this
Target and we’re expecting volatility in
some type of pause which is which is
what it’s doing um a lot of you know
everybody seemed to be getting totally
sucked into gold and silver and Miners
and everybody wants to talk about it and
wants to own it and I keep telling
everybody just just be aware we’ve hit a
Target it needs to take a breather just
like over here we just we need a pause
before it goes higher so this is this is
really good price action I think the
fact that it’s stalling here and
consolidating a little bit uh is a good
sign it’s definitely frothy uh just
because everybody seems to be talking
about it and and um uh people who are
who are getting in have chased pricing
we s saw volume ramp up in a big spike
in Gold so there’s been lots of of
people piling in and now it just needs a
bit of a breather but um like right now
it’s just trying to work off the
short-term Traders anybody who got in
late is now panicking uh you know this
big red bar triggers a lot of fear and
they they’ll dump out of eject out of
the trade but overall gold is is is in a
strong Trend the next stop I think is
about 26 2700 uh based on the longer
term charts if we look at the monthly
chart it’s it’s very clear we are in a
bull market phase um if I just zoom out
here we can see with a Fibonacci
extension we’ve got this rally and we’ve
had this controlled pullback and the
next upside move is you know right up
here 2600 2650 somewhere in there uh and
right now we’re at the 618 level so it’s
blown up through through this level if
it pauses here for a couple of bars or a
bar or two um then it’s most likely
going to run up and hit 2600 and and I
believe it could pause for a bar or so
which is a month um take a bit of a
breather Shake people out uh if it
doesn’t shake them out the market will
generally wait them out so people are
expecting gold to just keep going but if
it trades sideways long enough people
give up on it people are super impatient
um so give it a bar or so and then boom
we could see this up at 26 uh 2700
yeah which could coincide with the stock
market you know struggling or even
moving lower and eventually if gold hits
20 you know 62700 that actually might be
um you know the time where the stock
market is now actually really about to
to collapse in a much bigger way um
it’ll be interesting to see how all this
this unfolds I think a little pause here
is what it’s is what it’s starting to do
but what’s what’s nice about gold is for
for example if
um I won’t pull it up here but long
story short people are into gold miners
and silver Miners and we’re we’re in a
window right now which actually the
cycle chart here shows it very um very
clearly that we’re near this blue cycle
here is a stock market here’s a stock
market top typically precious metals in
energy and energy stocks um do very well
same with Industrials capital goods
which they’re screaming higher as well
um what’s what’s interesting is this is
the just the type of Market condition
that even if we get panic selling in the
stock market this pocket of stocks uh
can can Buck the trend um and so we saw
this back in 2008 where where precious
metals and precious metal Miners and
energy and energy Miners and the
industrial sector kept moving higher
while the stock market even started to
sell off even with panic selling and so
we’re we’re in this one particular sweet
spot that no matter even if we get panic
selling in the stock market these assets
I think could still hold their ground I
personally like Precious Metals like
gold or silver better than the the stock
plays and if you were to look back in
time of how you know miners moved versus
gold and silver uh when the 2008 stock
market
topped keep in mind miners are are
stocks they’re in the stock market so
when there is selling in the stock
market it’s naturally putting pulling
down on those miners they might still be
able to grind their way higher but very
very small moves they’ll they’ll be able
to make nominal new Highs but gold and
silver they’re not in the stock market
they’re a commodity they’re not they’re
disconnected so they don’t have that
bare Market pull on them of panic
selling and so they can continue to
Rally which is what why we’re seeing
them kind of especially gold really run
free and wild to the upside because it’s
not directly connected into that stock
market and that emotional wave of of
selling and things like that Chris
anticipates that silver has the
potential to Rally to around $36 per
ounce drawing on historical patterns and
technical analysis He suggests that
Silver’s rally May coincide with a
struggle or decline in the stock market
as precious metals like silver have
historically performed well during
Market uncertainty or downturns despite
this potential silver traded on a softer
note for the second consecutive day
around
$26.95 on Tuesday during the early
European session the easing fear of
broader Middle East tensions improves
Market sentiment and creates a headwind
for the precious metal additionally
Traders opt to wait on the sidelines
ahead of the US preliminary s and P
Global purchasing managers index PMI
data for April which is due later on
Tuesday Chris suggests that silver may
catch up to Gold’s recent highs
presenting an opportunity for investors
due to its speculative nature and
potential for higher gains in technical
analysis silver Bulls maintain a solid
near-term Advantage with prices in a 9we
uptrend aiming to surpass solid
resistance at
$30 let’s get back to the interview yeah
I I like silver a lot I it’s it’s right
up into resistance it got got right up
to these highs that we saw back in in
2020 um it’s had a really nice Pop Let’s
Take a look at the um the the monthly
chart for kind of a bigger view here but
Silver’s got potential to Rally to
roughly if we were to look at it
somewhere right up to around 30 36 uh
dollars an ounce which is a fairly
significant move so for example um when
we when we saw it back in 200 um 2006
2007 we saw like the multi-year
consolidation gold silver miners rallied
up into the stock market top in fact
some of the biggest months here was when
the stock market was starting to fall
and metals kept going higher gold and
silver did very well we’ve just had a
consolidation we’re starting to see
silver run up I think it could run up to
36 and then the stock market you know
will start maybe a stage four decline it
will it’ll definitely be struggling I
think over the next few months uh and
then silver could pull back and
consolidate and then and gold would do
the same and then I think we’re off to
the races for very significant moves in
silver so I like silver I like I think
gold silver I think all of them have
upside potential here but there will be
some type of pullback and the the
question is how much will they pull back
because the last bare Market um that
they did this same scenario we did see
silver pull back about 61% it’s quite a
haircut you know if you’re expecting to
the moon and not looking back to get hit
with 61% could hurt so it’ll be
interesting to see where this goes and
then how far is it going to pull back
during the next uh bare Market I believe
it’ll hold its ground fairly well I
think we’re we’re in a kind of a very
good storm for people wanting to be into
medals I think it’ll be supported fairly
well versus big panic in that space but
um we’ll just have to see how that
unfolds I mean if you just look at the
chart silver is way down here gold is
equivalent to up here so Gold’s hitting
new all-time highs so you think silver
will play catchup it generally does um I
I think if the ratio is high might be
better to have a little more waiting in
silver simply because of that potential
um but um yeah I don’t I don’t use it
for trading but it definitely shows
silver silver and miners I think move
very similar simply because they’re both
more of a speculative play uh they get
hit really quickly when there’s Panic
they drop they get sold down where gold
is kind of accumulated people who buy
gold just kind of sit on it forever they
know it’s slow moving they’re not really
looking for massive gains they’re
looking for stability consistency you
know a safe haven silver and miners are
like people want to make a ton of money
they want to hit that grand slam and
when it starts to backfire on them they
Panic out and it drives the price back
down so it’s just a different bit
different mentality and how they move
yeah Gold’s taking off so everybody
wants to go and play The Leverage play
around them um I mean miners have had a
very big move they always outperform
percentage wise but miners are still
really chat trapped they’re still making
long-term lower highs um you know
they’ve had a really nice run but
they’re they’re into major resistance
um percentage wise yeah they’ve done
very well but they’re not breaking free
they’re not in like this you know
all-time highs no overhead resistance um
and and this is what has me thinking
that you know gold is going to have a
nice run but I don’t think this is the
start of a huge huge rally in the
precious metal space yet I still believe
um I I still believe miners could
actually rally fairly significantly and
break up towards that $40 uh but overall
I still think we’re going to eventually
go into a bare Market it will pull even
gold and silver down later later this
year um and and then when the market
starts to recover I think that’s when
the miners and precious medals will
start their their much bigger run which
uh you know gold will probably be in the
3,000 range Beyond and and miners will
start a multi-year rally and probably
blast past the um the 2011 2012 highs
that we saw uh you know a decade ago
according to the latest industry data
demand for silver from the solar panel
sector jumped 64% last year Rising more
sharply than previously estimated this
Dynamic is expected to help underpin
prices for the precious metal could
increased demand from the solar panel
sector be a key factor in supporting
silver prices moving forward share your
perspective in the comments below if the
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It’s 100% Certain! Gold & Silver Are Next to Go Completely Crazy in 2024 – Chris Vermeulen

Gold has transitioned into a bull market phase, surpassing its targets and exhibiting increased volatility, according to Chris Vermeulen, Chief Market Strategist of The Technical Traders.com. Despite recent consolidation, the overall trend for gold remains bullish.
Gold prices maintain a subdued tone near their lowest level in over two weeks during the early part of the European session on Tuesday while holding above the $2,300 mark. From a technical standpoint, a sustained break and acceptance below the 23.6% Fibonacci retracement level of the February-April rally could indicate further intraday downside movement.
Vermeulen acknowledges the current market volatility, which is driven by short-term trader reactions to price fluctuations. However, he emphasizes that such fluctuations are a natural part of the market cycle and anticipates gold will resume its upward trajectory.
Despite being approximately 4% below its all-time high of over $2,400 achieved earlier this month, gold prices have still seen a remarkable 14% increase this year, outperforming the S&P 500’s 5% return. The precious metal has experienced a significant surge in value in recent years, with prices soaring by more than 50% since February 2020, just before the onset of the COVID-19 pandemic, and nearly 20% in the last two months alone.
The recent selloff in gold can be attributed to various factors, including a slight price correction following a historic rally across asset classes as investors take profits and portfolio managers reposition.
Vermeulen further analyzes longer-term charts and identifies key Fibonacci extension levels that suggest a potential target range of $2600 to $2700 for gold. This projection aligns with the bullish trend in the monthly charts, indicating continued optimism for the precious metal’s future performance.
Chris anticipates that silver has the potential to rally to around $36 per ounce, drawing on historical patterns and technical analysis. He suggests that silver’s rally may coincide with a struggle or decline in the stock market, as precious metals like silver have historically performed well during market uncertainty or downturns.
Despite this potential, silver traded on a softer note for the second consecutive day around $26.95 on Tuesday during the early European session. The easing fear of broader Middle East tensions improves market sentiment and creates a headwind for the precious metal. Additionally, traders opt to wait on the sidelines ahead of the US preliminary S&P Global Purchasing Managers Index (PMI) data for April, which is due later on Tuesday.
Chris suggests that silver may catch up to gold’s recent highs, presenting an opportunity for investors due to its speculative nature and potential for higher gains. In technical analysis, silver bulls maintain a solid near-term advantage, with prices in a nine-week uptrend aiming to surpass solid resistance at $30.

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