Gold & Silver Trading; Initial (May ’23) Sell-off Could Validate Mid-Aug ’23 Cycle Low.
05-18-23 – “Gold & Silver are selling 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 and a ~4-month low-high-(high) Cycle Progression in Silver as well as the latest phase of Gold’s 24-day low-high-high-(high) and 22-day low-low-high-(high) Cycle Progressions.
They did that while also fulfilling upside price targets at 2060 – 2080/GC & 26.50/SI – the ultimate objectives from the buy signals triggered in early-March ’23. Gold also tested monthly resistance at 2063 – 2084.7/GCM in the opening days of the new month, where a peak was most likely.
The May 4/5 highs have been, and still are, projected to spur an intermediate sell-off into late-May/early-June ’23 – ~3 months from the late-Feb/early-Mar ’23 lows and the midpoint of Silver’s ~6-month Cycle Progression.
What happens at that time, particularly what occurs with each metal’s weekly trend, should have a strong bearing on expectations leading into 3Q ’23 – a pivotal time for Gold & Silver.
While recent action increases the likelihood for an intermediate sell-off in May ‘23, Gold and Silver are reinforcing signs that a 1 – 2 year uptrend is underway. Both bottomed in line with multi-year cycle lows in late-2022 and have rallied, on balance, ever since then. They subsequently set secondary lows in March ’23 – corroborating this outlook.
The early-March ‘23 low fulfilled a ~6-month high (early-Mar ’22) – low (early-Sept ’22) – (low; early-March ’23) Cycle Progression and a precise 50% retracement in time (4 mos up into early-Jan ‘23, 2 mos down into early-Mar ‘23) in Silver… reinforcing its significance…
That would result in a future peak during the first half of July ’23 and would match the durations of Gold’s and Silver’s initial (though divergent) ~4-month rallies into Jan/Feb ’23. It would also arrive ~60-degrees/~2 months from the recent May peaks.”
Gold & Silver reached multi-month upside targets while fulfilling ongoing projections for a second advance to begin in early-March ‘23 and last into May 3 – 5, ’23, when a multi-month high was forecast. Precious Metals fulfilled this with uncanny precision and are now poised for sharp sell-offs… ultimately lasting into mid-to-late-Aug ’23, when the next multi-month bottom is expected. An intervening peak is likely in mid-July ’23. Late-Oct/early-Nov ’23 = Decisive Cycle!
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.
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Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.