Gold & Silver Completing Initial Sell-offs; May 3 – 5 Cycle Highs Reinforced.
05-27-23 – “Gold & Silver are fulfilling analysis for sharp sell-offs from early-May ’23… Gold & Silver have 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… as well as 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 upside objectives for that advance. That signaled a multi-month top that was/is expected to spur an intermediate sell-off into late-May/early-June ’23 – ~3 months from the late-Feb/early-Mar ’23 lows and midpoint of Silver’s ~6-month Cycle Progression.
Silver finished the week right at its monthly HLS (23.36/SIN) – showing that it could conceivably hold this level on the May 31 monthly close. It did that while turning its weekly trend down – signaling a pair of conclusions…
- The first is that the early-May peak could hold for 1 – 2 months longer (in Silver)… and a second decline could follow a 1 – 3 week bounce.
- The second is that an initial low is most likely at this time (May 26 – June 2)… and should lead to that 1 – 3 week reactive bounce…
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.
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.
If that cycle remains in force, Silver could set… a more significant peak expected in late-Oct/early-Nov ’23…
The XAU & HUI are weak and have been expected to experience an intermediate decline from early-May into late-May/early-June ‘23… They have both neutralized their weekly uptrends for the second consecutive week, so June 2 is critical.
These indexes would need to give weekly closes below 120.75/XAU & 238.08/HUI to turn their weekly trends down. As long as that does NOT occur, they would remain in a more constructive pattern for the coming weeks.
In early-May, they retested and held the 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.
Those levels could again hold as resistance during the next rally. Ultimately, these indexes could [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 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 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.