Gold & Silver Signal Lows; Early-Aug & Early-Nov ’23 = Pivotal Cycles.
07-01-23 – “Gold & Silver are poised to rebound… 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.
That ushered in one of the two important cycle highs in 2023, the other arriving in late-Oct/early-Nov ’23.
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 reinforced the potential for an initial low (this past week)… Silver is showing a little more resilience.
A subsequent intermediate high is also likely in early-Aug ’23, the next phase of that ~3-month low-high-high Cycle Progression… with the potential for volatile congestion in between…
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… Silver has neutralized its daily downtrend multiple times while rebounding and needs a daily close above 23.34/SIU to turn that trend up.
Similar to how Gold & Silver just created this divergent low, they could do the same at the next high…”
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.