Gold & Silver Complete Initial Declines; Enter Brief Bounces.
06-03-23 – “Gold & Silver remain in a corrective mode, having sold off after precisely fulfilling cycles that projected a decisive peak on May 3 – 5 – fulfilling a ~3-month low-high-(high) Cycle Progression in Gold & a ~4-month low-high-(high) Cycle Progression in Silver… and testing upside price targets (2060 – 2080/GC & 26.50/SI) in the process.
That led to Silver reversing its weekly trend down while testing and holding its monthly HLS (23.36/SIN). While that has broader ramifications for June & July ’23, it was initial support that could spur a bounce. Silver’s weekly trend reversal portends…
- The early-May peak could hold for 1 – 2 months or longer… and a second decline could follow a 1 – 3 week bounce.
- An initial low was most likely to take hold this past week and lead to a 1 – 3 week reactive bounce.
Gold is a little different than Silver and neutralized its weekly uptrend multiple times while testing and holding multiple levels of 1 – 2 month support (including May’s monthly support, stretching down to 1955.1/GCQ).
As long as it does not give a weekly close below 1954/GCQ, Gold would not turn its weekly trend down and would [reserved for subscribers]…
From a timing perspective, Gold was likely to bottom on ~May 30, where it would also complete successive declines of equal duration (26 days) and bottom in line with a ~30-day/~1-month cycle that has timed lows in the final trading day(s) of the month in Feb (28), Mar (27) & Apr (27).
It set its lowest daily close on May 26 and spiked to its lowest low on May 30 and reversed higher. It then rallied back its declining daily 21 Low MAC, and the level of previous lows in late-April, and reversed back down. Both metals need daily closes [reserved for subscribers]…”
Gold & Silver have sold off after fulfilling multi-month upside price targets AND cycles/timing indicators that peaked on May 3 – 5, ’23. They completed initial sell-offs in May ‘23 with the weekly trends providing additional corroborating clues. Daily cycles bottomed in late-May and will recur in late-June ’23.
In contrast, the early-May ’23 peaks powerfully corroborate the other primary cycle focus for 2023 – the time frame in late-Oct/early-Nov ’23. That remains a decisive cycle, with some surprising expectations for the months leading into it!
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 are now unfolding.
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.