Gold, Silver, Dollar, Euro Heighten Focus on Mid/Late-Aug ’23 Cycles!
07-05-23 – “The Dollar Index is mildly positive after fulfilling its 1 – 2 week outlook for a drop to 101.50 – 101.93/DXU while perpetuating a ~10-week high-low-low-(low) Cycle Progression as it tested and held its weekly HLS and its rising weekly 21 Low MAC… it should move higher into when a 23 – 24 week and 11 – 12-week high-high-(high?) Cycle Progression converge on Aug 14 – 25, ’23…. The Euro is expected to set a contrasting, multi-month low at the same time – fulfilling a 45 – 46-week high-low-low-(low?) Cycle Progression (Aug 7 – 18, ‘23) and a 50% retracement in time (30 wks up, 15 wks dn)…
Gold & Silver remain in a multi-month corrective mode, selling off after fulfilling multi-month cycles that projected a decisive peak on May 3 – 5. Those highs fulfilled ~3-month low-high-(high) and ~4-month low-high-(high) Cycle Progressions in Gold & Silver, respectively, while testing upside price targets at 2060 – 2080/GC & 26.50/SI.
Following that, both reversed their weekly trends down, confirming that multi-month tops were in place. The next multi-month cycle low in Gold is most likely in late-Aug ’23… A low on Aug 21 – 25, ’23 would complete both a 50% and a .618 retracement in time (Gold set a double bottom in late-Sept – early-Nov ’22, so two lows can be used to calculate the ensuing rally), a 16-week/26-week low-low-low (1/1.618) cycle sequence, and a ~3-month/~90-degree low (Nov 23) – low (Feb 27) – low (May 25/26) – (low; Aug 23 – 28) Cycle Progression…
Silver turned its daily trend up… Both of those factors could spur a quick 1 – 3 day pullback (with Gold spiking to new lows?) before Silver resumes its rally into ~July 14 – ~3 months/~90 degrees from its April 14 high and ~6 months/~180 degrees from its Jan 17 high.
The XAU & HUI are weak and also turned their weekly trends down, reinforcing that multi-month peaks were set in mid-April. At the time, a 360-degree cycle from the mid-April ’22 peaks, they set highs while matching the duration of their 2021/22 rallies (~28 weeks) and peaked ~12 months/~360 degrees from their mid-April ’22 highs.
The XAU also matched the price magnitude of its prior advance, reinforcing the likelihood for a multi-month peak.
Ultimately, these indexes could drop back to their early-March lows – which now represent 4th wave of lesser degree support near 110.0/XAU & 210/HUI.”
Gold & Silver sold off, bounced, and sold off again after fulfilling multi-month upside price targets AND cycles/timing indicators that peaked on May 3 – 5, ’23. They likely completed their second sell-offs in late-June ‘23 – bottoming in line with daily & weekly cycle lows. A third decline is still expected to take them lower into late-Aug ’23 before a multi-month bottom becomes most likely.
From a broader perspective, the early-May ’23 peaks powerfully corroborated the other primary cycle focus for 2023 – the time frame in/around late-Oct/early-Nov ’23. That remains a decisive cycle, with some surprising expectations for the months leading into it! 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 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 multi-month corrections… which have been unfolding. Intermediate lows are likely at any time with multi-month lows (ideally near 110/XAU & 210/HUI) not likely until mid/late-Aug ‘23.
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.