Gold & Silver Poised for Rebound & 3Q ’23 Sell-off; Focus on Oct/Nov ‘23.
05-31-23 – “Gold & Silver peaked in perfect sync with cycle highs on May 3 – 5. Ever since Gold’s buy signals on March 5 & March 8, Gold & Silver were forecast to surge into early-May ’23 and fulfill a ~4-month low-high-(high) Cycle Progression in Silver and ~3-month low-high-(high) Cycle Progression in Gold.
Both reached upside price targets (2060 – 2080/GC & 26.50?SI), reinforcing those timing targets… Reinforcing that, Silver reached its downside targets while testing its weekly 21 Low MAC (22.99/SIN), finishing last week right at its monthly HLS (23.36/SIN), and turning its weekly trend down in the process.
That lagging/confirming indicator usually times an initial low (right around time of reversal) and triggers a multi-week bounce, while foreshadowing a future sell-off after that bounce. More than anything it shows that Silver could be in for a couple months of congestion…with an intervening high likely in early-July ’23.
The early-May ’23 peak reinforced the intra-year outlook, including ongoing analysis for another rally in 3Q or 4Q ’23 – leading to an intra-year peak in late-Oct/early-Nov ’23, the latest phase of a consistent ~9.5-month cycle that timed the March ’22 peak and then the early-Jan ’23 peak.
A high in early-Nov ’23 would perpetuate an over-arching ~19-month high-high-high-(high) Cycle Progression in Silver & complete a ~1-year/~360-degree advance in Gold. The early-May ’23 peak created a corroborating ~6-month/~180-degree low (early-Nov ’22) – high (early-May ’23) – high (early-Nov ’23) Cycle Progression.
As is often the case, a large part of the next advance could occur toward the end of that cycle.
In the interim, the early-March ’23 low fulfilled a ~6-month high (early-Mar ’22) – low (early-Sept ’22) – (low; early-March ’23) Cycle Progression that projects Silver to generate a higher low in Sept ’23 – prior to a rally into, and peak in, late-Oct/early-Nov ’23. In the short-term, Gold could set a higher peak during the first half of July ’23…
The XAU & HUI also peaked in early-May ’23, fulfilling their early-March bullish signals and setting the stage for a multi-month peak…and subsequent period of consolidation. At that time, they retested and held highs set in mid-April (similar to 2022), highs that were set as the corresponding rallies matched the duration of their 2021/22 rallies (~28 weeks) while peaking ~12 months/~360 degrees from their mid-April ’22 multi-month highs. The XAU also matched the price magnitude of that advance, reinforcing the likelihood for at least a 1 – 2 month peak.
Ultimately, these indexes could drop back to their early-March lows – now representing 4th wave of lesser degree support…Looking out a little farther, the XAU & HUI are expected to set their next major peak in Oct/Nov ’23 – the next phase of the 9 – 10 month/41 – 45 week high-high-high-(high) Cycle Progression that timed the initial Jan ’23 highs.”
Gold & Silver have sold off after fulfilling multi-month upside price targets AND cycles/timing indicators that peaked on May 3 – 5, ’23. They are completing initial sell-offs in May ‘23 with the weekly trends providing additional corroborating clues. 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 an accelerated rally expected in the weeks leading into a potential multi-month peak!
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 multi-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.