Gold & Silver Confirming May 4/5 Cycle High; Mining Shares Concur.
05-13-23 – “Gold & Silver are showing signs of an intermediate peak, particularly in Gold, after reaching 1 – 2 month upside price targets from the bullish signals triggered in early-March ’23. However, they would not confirm that – and project multi-week corrections – until daily closes below 2002.0/GCM and 24.82/SIN.
In both cases, that would have them closing below their flattening daily 21 Low MACs as other indicators turn negative. In the case of Silver, it would also turn its intra-month trend down. They would only need to drop (intraday) below 2015/GCM & 25.39/SIN tomorrow in order to turn the direction of those 21 Low MACs down.
An intermediate sell-off could take them lower 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.
The XAU & HUI retested and held the highs set in mid-April, 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.
As long as they do not close above their mid-April highs, a new sell-off should take hold and spur these indexes to move lower into late-May/early-June ‘23”
Gold & Silver reached multi-month upside price targets while fulfilling early-March buy signals that projected strong ~2-month advances into May 3 – 5, ’23. Precious Metals fulfilled this with uncanny precision and are now poised for sharp sell-offs in May ‘23 as the initial phase of a 1 – 2 month correction.
The XAU & HUI are similar and projected a final rally into early-May ’23 after upside price targets were fulfilled in mid-April. A retest of those targets was seen during early-May ’23 cycle highs and now ushers in the time for a multi-week drop.
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