Gold Fulfilling June 7/10th Cycle Lows; Monthly Cycles Peak in July ’24!
06-12-24 – Gold & Silver have retreated after surging into May 20th and setting multi-week highs. At the time, Gold set new all-time highs (fulfilling its weekly trend) as Silver spiked to new multi-year highs and right to its initial upside target at 31.50 – 32.20/SIN.
They remain in corrective modes with Gold capable of spiking down to 2275 – 2285/GCQ (possibly as low as 2260/GCQ) and Silver to 27.80 – 28.20/SIN… possibly as low as 27.20/SIN.
The June 7th action corroborated that and projected follow-through selling in the current week. Friday’s action also produced an important signal that begins to hone the outlook for late-June/early-July and beyond… Gold turned its weekly trend down. That signals a few things for the coming weeks…
- Gold should set an initial low in the current 1 – 2-week period and then enter a reactive 2 – 3 week rally.
- Gold could retest its high – and/or even spike above it – as part of that reactive rally… as long as it does not turn the weekly trend back up during that advance.
- This is one of those price/time indicators that could corroborate the overall outlook, including multi-month Gold cycles that peak in July 2024.
- Finally, that weekly trend reversal signal would portend a second decline after that intervening (reactive) multi-week bounce.
With markets often unfolding in a fractal-like manner (where action on one time period parallels action on a larger or smaller time period), Gold could trace out a weekly pattern that mirrors its monthly action of 2020 – 2022/23 – setting 2 – 3 successive highs at similar levels as it moves through a period of congestion or consolidation.
That remains in the context of expectations for a Gold peak in July 2024, ideally in the first half of the month.
The XAU & HUI are declining after fulfilling the analysis for overall surges into May 20th and to 150.50 – 152.00/XAU. The May 20th high fulfilled successive advances of equal duration (~80 days) and a ~5-month high (July 18 – 22) – high (Dec 18 – 22) – (high; May 18 – 22, 2024) Cycle Progression.
A drop to 133.50 – 135.00/XAU was projected for last week and was nearly fulfilled… On a larger-scale basis, the XAU & HUI remain in multi-month uptrends that could ultimately extend into September ’24 before a 6 – 12-month peak would be most likely.”
Gold & Silver are poised for multi-week lows (June 7 – 14th) and should subsequently rally into July 2024 – when Gold is projected to set a decisive, multi-month peak while retesting its recent high. (Silver had greater synergy of cycles in May 2024, so a July ’24 peak could be a divergent/lower high than Gold.)
The 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 for 2024! Gold is acting as the ‘Canary in the Coal Mine’ and portending an ongoing battle with the Dollar Index that should intensify in 2025 & 2026.
Gold & Silver Fulfill Projected Pullbacks into June 7/10th; Multi-Week Low Likely.
June ’24 Low Should Spur New Rally into July 2024 Peak!
How Does Weekly Trend Pinpoint Likely Level for July 2024 Gold Peak?.
https://www.
https://www.
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.