Gold Neutralizes Intra-Year Uptrend; Failing to Signal Add’l Strength.
06/25/22 Weekly Re-Lay – “Gold & Silver are consolidating below their June 3 highs, peaks that were set during the latest phases of corresponding ~6-week & ~12-week high-high-(high) Cycle Progressions and which should hold for 1 – 3 weeks. They would not show new signs of strength, and break out of the current congestion, until daily closes above 1882.5/GCQ & 22.66/SIU…
That would set the stage for a subsequent peak in early-Aug ‘22 – the 2-year anniversary of the Aug ’20 peak and the fulfillment of a related 2-year low-high-high Cycle Progression. A peak at that time would also occur at the mid-point of a 41 – 42 week high-high-high-(high) Cycle Progression. (Silver has greater synergy of cycles in Sept. ’22, so there could be another divergent peak coming.)..
On an intra-year basis, Gold pulled back and bottomed near its Jan ’22 low – the most pivotal level of intra-year support. It has remained above that level but would need to generate a weekly close above 1860.4/GCQ to re-enter an intra-year uptrend and project higher prices in 3Q ’22…
From a broader perspective, the outlook continues to anticipate another 2 – 3 month (or longer) peak taking hold in Aug/Sept ’22…
The XAU & HUI spiked below their Jan ’22 lows (119.01/XAU & 236.37/HUI) – decisive (make-or-break) levels of intra-year trend support – but did not give weekly closes below those levels, leaving that pivotal support intact.
They need daily closes above 130.00/XAU and 247.85/HUI to give initial signs of a multi-week bottom…
Platinum & Palladium remain negative after fulfilling 3 – 6 month cycle highs in early-March ‘22. They are hovering near 3 – 6 month lows and need to hold those levels in order to spur a new rally.
Copper plunged to new lows and broke below 12 – 18 month support (4.000 – 4.100/HG) after peaking on June 2/3 while perpetuating a ~45-day/degree high-high-high-(high) Cycle Progression and a ~3-month/~90-degree high – high cycle that was part of a ~12-week low-low-high-(high) Cycle Progression. The next phase is in late-Aug ’22 and could time a lower peak.
Copper is reinforcing its intra-year downtrend and further confirming the multi-year outlook for a strong ~2-year advance into 1Q ’22 – when a major top was forecast to take hold.”
Gold, Silver & XAU/HUI Indexes have produced ‘normal’ rebounds into early-June… but have not confirmed multi-month lows. If they are going to add to recent gains, however, they MUST turn their intra-month trends up in the coming days. With recent highs fulfilling ~6-week & ~12-week Cycle Progressions, it is doubly significant that recent highs be exceeded if a bottom is intact.
What Does Failure to Turn Intra-Month Trends Up Signal?
How Does Gold/Silver Action Reinforce March ’22 Cycle Highs??
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.