Gold, Silver, & XAU Peaking (& Dollar Bottoming); Aug 14 – 25, ’23 = Decisive Cycle!
07-15-23 – “The Dollar Index fulfilled its weekly trend pattern – projecting a drop to new lows – and its negative weekly 21 MAC signal… as well as its outside-week/2 Close Reversal lower on July 7. That was/is expected to spur a quick, sharp drop into July 14. It fulfilled that but, based on the corresponding price action, could see additional downside in July.
The Dollar is still expected to set a secondary high on Aug 14 – 25, ’23 – fulfilling 23 – 24 week & 11 – 12-week high-high-(high?) Cycle Progressions… The Euro fulfilled the outlook for a rally into July 14 and would not show any signs of weakness until a daily close below 1.1160/ECU…
Bitcoin & Ether are also showing signs of a peak after failing to give a weekly close above the prior highs while rallying into daily, weekly & monthly cycle highs on July 14 – 20, ’23, rallying for .618 of the time it (Bitcoin) previously declined.
These two cryptos could be producing a divergent (multi-week) peak in line with those cycle highs. On the July 14 weekly close, Ether generated the second neutral signal against its prevailing weekly downtrend (which turned down on the mid-June spike low) as Bitcoin failed to signal new strength… As long as that does NOT occur, Ether would more likely head back to [reserved for subscribers]… The ‘ideal’ scenario would have Ether accomplishing that as Bitcoin pulls back to a higher low – with both bottoming in mid-Aug ’23.
Traders could have entered longs around 26,700 and can now exit all of those positions. [FUTURES TRADING INVOLVES SUBSTANTIAL RISK!]…
The Dollar Index dropped to new intra-year lows and initially fulfilled the potential for a new 1 – 2 month low on/around July 14, with a corresponding peak in the Euro and Bitcoin…
Gold & Silver remain in multi-month corrective/ consolidation phases, entered after they fulfilled multi-month cycles that projected a decisive peak on May 3 – 5. Those highs fulfilled ~3-month low-high-(high) & ~4-month low-high-(high) Cycle Progressions in Gold & Silver while testing upside price targets at 2060 – 2080/GC & 26.50/SI.
Those early-May highs reinforced the focus on late-Oct/early-Nov ’23 for the next multi-month peaks in Gold & Silver. Leading into 2023, metals were expected to set a series of ascending highs… Gold & Silver could… see a quick sell-off into mid-to-late-Aug ’23 before a strong rally into ~early-Nov ‘23…
On a price basis, Gold could still make it up to/ above ~2000.0/GCQ – where it has set a pivotal range-trading parameter for most of 2023… That would then be expected to spur a decline into Aug 21 – 25, ’23, the convergence of multiple cycles and timing indicators in Gold – including a ~3-month/ ~90-degree low (Nov 23) – low (Feb 27) – low (May 25/26) – (low; Aug 23 – 28) Cycle Progression.
It is also the mid-point of the latest phase of the ~17-week high-high-low-low-low-low (June 26 – 30) – (high; Oct 23 – Nov 3, ’23) Cycle Progression. An intervening low in late-Aug ’23 would reinforce that future cycle in late-Oct/early-Nov ‘23.
If the late-Aug ’23 low is a higher low in Gold, it would set the stage for a very bullish period to follow. With Gold already setting a triple top near 2080/GC – over the past ~three years – it is likely to breakout above that level and accelerate higher (at some point during this 2023/24 up cycle).
Gold’s June & July ’23 lows were set right at its rising monthly 21 High MAC (AND 40 High MAC), increasing the odds the next 3 – 6 month advance [reserved for subscribers]…
Gold & Silver have rallied after Gold fulfilled a 28 – 29 day low (Mar 8) – high (Apr 5) – high (May 4) – high (June 1) – (low; June 29/30, ‘23) Cycle Progression (that could ultimately reinforce future cycle lows in late-August – two more 28 – 29 day cycles in the future). They fulfilled the potential for a rally – led by Silver – into July 14/17 – when intermediate cycles peak…
The XAU & HUI have re-entered neutral territory while fulfilling near-term analysis for rallies to ~130 – 133/XAU & 254 – 257/HUI after fulfilling the outlook for intermediate lows in late-June/early-July. The next decisive low is expected in mid-Aug ’23 – the convergence of a ~23-week high-high-high-low-low-(low) Cycle Progression and overlapping 45 – 51 week low-low-low-(low) Cycle Progression.”
Gold & Silver remain below the lows set while fulfilling multi-month upside price targets AND cycles/timing indicators that peaked on May 3 – 5, ’23 (while convincingly reinforcing two future cycles). They have repeatedly been forecast to set their next multi-month low in the second half of Aug ’23, when a myriad of weekly & monthly cycle lows converge. A strong rally could begin in the second half of Aug ’23 and last into late-Oct/early-Nov ’23.
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 with the Dollar Index already fulfilling multi-year upside targets and signaling that a major top is in the making! The Dollar is projected to set a future peak on Aug 14 – 25 while Gold is likely setting a multi-month low.
The XAU & HUI are similar and projected to set decisive lows surrounding mid-Aug ’23. The XAU possesses the most consistent and uncanny weekly cycle – a 23-week high (Jun ’21) – high (Nov ’21) – high (Apr 18 – 22, ’22) – low (Sept 26 – 30, ’22) – low (Mar 6 – 10, ’23) – (low; Aug 14 – 21, ’23) Cycle Progression that portends a multi-month bottom on Aug 14 – 21, ’23 (greatest synergy of cycles on Aug 15 – 18, ’23).
Related cycles in Gold & HUI overlap this period, projecting a multi-month bottom during that week or the week the days that follow (overall period of Aug 14 – 25, ’23).
Where are Metals Likely to Bottom in Mid-to-Late-Aug ’23?
Is an Upside Breakout Likely Before Early-Nov ‘23??
Will the Dollar Index Set a Pivotal Peak on Aug 14 – 25, ‘23?
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.