Gold & Silver Confirm Early-May ’23 Cycle Peaks; Reinforce 2023 Outlook.
05-20-23 – “Gold & Silver fulfilled early-May ’23 cycle highs and are expected to drop into late-May/early-June ‘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 & 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 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.
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.
In the meantime, both metals dropped to monthly support levels with Gold testing and ultimately holding its rising weekly 21 High MAC. Silver is a bit weaker, dropping long enough to twice neutralize its weekly uptrend. It would not turn that weekly trend down until a weekly close below 23.48/SIN. Silver also fell to within a few points of its monthly HLS (23.36/SIN)…
On a broader basis, 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.
If that cycle remains in force, Silver could [reserved for subscribers] prior to a more significant peak expected in late-Oct/early-Nov ’23…
The XAU & HUI are similar and have been expected to experience an intermediate decline from early-May into late-May/early-June ‘23 – when the next intermediate low is expected.
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.
That was projected to spur a drop into late-May/ early-June. Both indexes neutralized their weekly and intra-year uptrends, reinforcing the likelihood for a larger- magnitude decline in May ’23. The weekly trends will play a crucial role in determining what to expect in the coming months…
If these indexes turn their weekly trends down, they could ultimately [reserved for subscribers]”
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 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.
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.