Gold & Silver Remain Weak; Reinforce Potential for Future Oct/Nov ’23 Surge.
08-02-23 – “Gold & Silver remain in multi-month consolidation phases between their late-Feb/early-March ’23 lows and the subsequent cycle highs set on May 3 – 5. Those highs fulfilled ~3-month low-high-(high) & ~4-month low-high-(high) Cycle Progressions and reinforced the focus on late-Oct/early-Nov ’23 for the next multi-month peaks – what could be the culmination of a major rally, leading into then.
A peak in late-Oct/early-Nov ‘23 would perpetuate a consistent ~9.5-month cycle that timed the March ‘22 peak and then the early-Jan ‘23 peak. It would also fulfill an over-arching ~19-month high-high-high-(high) Cycle Progression in Silver & complete a ~1-year/~360-degree advance in Gold.
The early-May ‘23 peak created a corroborating ~6-month/~180-degree low (early-Nov ‘22) – high (early-May ‘23) – high (early-Nov ‘23) Cycle Progression. As is often the case, a large part of the next advance could occur toward the end of that cycle. Weekly cycles and indicators are reinforcing that and beginning to hone when an accelerated rally is more likely.
Gold & Silver have risen since bottoming in late-June – fulfilling a ~17-week high-high-low-low-low-(low; June 26 – 30, ‘23) Cycle Progression. As long as those lows hold, Gold & Silver would remain in fairly positive structures as they near a potentially bullish period between late-Aug and late-Oct/early-Nov ’23.
Silver needs a weekly close above 25.47/SIU to reverse its weekly trend back up – a lagging indicator that often reverses close to the culmination of an initial rally. Gold has been unable to neutralize its weekly downtrend, so it remains a little more negative.”
Gold & Silver remain below their May 3 – 5, ’23 cycle highs (likely 3 – 6 month peaks), fulfilling projections for multi-month declines into the second half of Aug ’23 (watch August 17 – 24), when a myriad of weekly & monthly cycle lows converge and usher in a unique period of time – in the markets and geopolitically.
Geopolitical cycles argue for a related trigger event on ~Aug 22 – 24, ’23 (when Vladimir Putin is projected to ‘make a statement’ with some sort of action that alters the landscape moving forward and starts the clock ticking on a more significant event leading into future cycle highs).
All of this action, since late-2022, is powerfully validating the onset of a new 40-Year Cycle of Currency War in which Gold & Silver possess unique potential for the coming months and years! The next confirming action could occur in the weeks leading into late-Oct/early-Nov ’23 – when an accelerated advance is most likely based on the 90/10 Rule of Cycles and diverse indicators.
Where are Metals Likely to Bottom on August 17 – 24, ’23?
Will Geopolitical ‘Statement’’ (Aug 22 – 24, ’23) Set Stage for Next Rally!
How Could Impending Gold/Silver Low (Aug 14 – 25, ‘23) Corroborate 2024/25 Outlook?
Refer to the April 11, 2023 special issue of The Bridge – Gold, Silver and Elliott Wave Structure – and subsequent reports – for expanded analysis and charts.
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.