With gold reaching our ultimate goal, what's our next step? Silver.

The ongoing gold rally of 2024 shows no signs of slowing down. It's remarkable that within less than three weeks, we've already achieved our anticipated target for gold.

Thanks to a significant boost from Friday's non-farm payroll figure, surpassing expectations, our trade swiftly reached its ultimate target of $2,325 (point D) just two weeks after our initial recommendation. Subsequently, spot gold continued its ascent to $2,353 early this week.

While we hadn't anticipated such rapid success, seizing the opportunity presented by the market is essential. Thus, we're now shifting our focus to a new trade setup - not for gold, but for silver.

Silver has often trailed behind gold during its recent surge, possibly due to retail investors, driven by FOMO (fear of missing out) on gold's rally, turning to the more affordable metal in hopes of a similar trajectory.

Regardless of the underlying reasons, silver has staged a notable breakout. On its weekly chart, silver has convincingly surpassed a long-standing resistance level near $26 (marked by a red dotted line), which has acted as a barrier for years. Numerous false breakouts have occurred at this level over the past two years (indicated by green arrows), but the current breakout appears to be genuine.

Setting our entry at $26.25 (indicated in green), we're anticipating a potential pullback close to the breakout point. Our stop is positioned at $24.25 (marked in red), below the low on April 1.

Zooming out to the monthly chart, we observe a series of wicks during the pandemic period (marked as point A), reaching into the $30 range. Hence, we'll place our initial target slightly below those highs, at $29.75 (marked in blue).

Further back to 2012, there are a series of wicks terminating around the $35 mark (marked as point B). Therefore, we'll set our ultimate target slightly lower, at $34.25 (marked in blue). Similar to the gold trade setup, the potential gains in silver significantly outweigh the risks.

While gold may continue its upward trajectory, the risk/reward proposition in silver appears more favorable at present.