Gold & Silver Project Add’l Upside; Early-Aug & Early-Nov ’23 = Pivotal Cycles.
07-08-23 – “Gold & Silver are validating their late-June lows and could extend rebounds into July 14/17… Gold & Silver remain in multi-month corrective phases, selling off after fulfilling multi-month cycles that projected a decisive peak on May 3 – 5. Those highs fulfilled ~3-month low-high-(high) and ~4-month low-high-(high) Cycle Progressions in Gold & Silver, respectively, while testing upside price targets at 2060 – 2080/GC & 26.50/SI.
Following the early-May peak, both declined with Silver reversing its weekly trend down, bouncing, and then resuming its decline. Gold took a little longer to do the same thing…
That rebound has a good chance of making it back up to ~2000.0/GCQ – where Gold has set a pivotal range-trading parameter for most of 2023. Its initial rally, into early-Feb ’23, peaked near 2000.0/GCQ.
In mid-March, after completing a sell-off and entering a new advance, Gold broke above that level. In late-April, Gold pulled back to 2000.0/GCQ – resistance turned into support – and then entered its final rally to ~2100.0/GCQ.
From there, it sold off and closed below 2000.0/ GCQ on May 18. For the next two weeks, it repeatedly bounced to 2000.0/GCQ… only to be repelled each time. That ushered in the June ’23 decline to ~1900.0/GCQ – reinforcing a ~6-month set of trading ranges with parameters near 1900, 2000 & 2100/GCQ.
By bottoming where it began the year (Jan 3, ’23 high was 1903/GCQ), Gold is setting a multi-week low and is likely to rally back to ~2000.0/GCQ in the coming week(s). That would take it back to the highs of late-May/early-June, the lows of late-April, and the initial highs of early-Feb ’23… as well as right to the flattening weekly 21 High MAC. AND… that would complete a 50% rebound in price…
Gold & Silver have rebounded after Gold fulfilled a 28 – 29 day low (Mar 8) – high (Apr 5) – high (May 4) – high (June 1) – (low; June 29/30, ‘23) Cycle Progression… If Gold can close above 1942.9/GCQ and Silver above 23.535/SIU on Monday, it would turn the intra-month trends up and project additional upside…
The XAU & HUI… have retested their lows (fulfilling their daily trend pattern) and likely set a multi-week low without turning their intra-month trends down. Rebounds to ~130 – 133/XAU & 254 – 257/HUI are possible in the coming week(s).”
Gold & Silver sold off, bounced, and sold off again after fulfilling multi-month upside price targets AND cycles/timing indicators that peaked on May 3 – 5, ’23. They likely completed their second sell-offs in late-June ‘23 – bottoming in line with daily & weekly cycle lows.
From a broader perspective, the early-May ’23 peaks powerfully corroborated the other primary cycle focus for 2023 – the time frame in/around late-Oct/early-Nov ’23. That remains a decisive cycle, with some surprising expectations for the months leading into it! [The period surrounding early-Aug ’23 could provide additional reinforcement.] All of this 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 with the Dollar Index already fulfilling multi-year upside targets and signaling that a major top is in the making!
The XAU & HUI are similar and fulfilled projections for a strong rally into, and a multi-month top in, early-May ’23. In mid-April and early-May ’23, they reached convincing upside targets and signaled 3 – 6 month peaks and the onset of a 1 – 2 month corrections… which have been unfolding. Intermediate lows are likely at any time.
How Does Early-May Peak Corroborate Aug – Nov ’23 Cycles?
Is a New MAJOR Bull Market Unfolding? If so, When is a Breakout Likely??
How Are Interest Rates & Inflation Creating a Unique Opportunity?
Refer to the April 11, 2023 special issue of The Bridge – Gold, Silver and Elliott Wave Structure for expanded analysis that addresses some of those questions.
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.