Gold, Silver, Euro, Yen Begin Sell-offs; Aug 14 – 21, ’23 = Future Cycle Low.
05-12-23 – “Gold & Silver Fulfill May 3 – 5 Cycle Highs! Enter Bearish Period as Dollar Bottoms… Are Metals Near End of Bullish Cycle?
Gold triggered a pair of buy signals on March 5 and March 8 and was projected, along with Silver, to surge into May 3 – 5, ‘23 before a decisive top would take hold.
https://40yearcycle.com/
On April 12, 2023, we updated the details on the March 8 buy signal and reiterated why the resulting advance should stretch into May 3 – 5 before ushering in a bearish period for metals and currencies. The published upside price target was 2060 – 2080/GC & 26.50/SI.
https://40yearcycle.com/
The April 11, 2023 issue of The Bridge – Gold, Silver & Elliott Wave (a special, value-added publication for Weekly Re-Lay subscribers only) delved into many aspects of that analysis and what a (then-future) peak on May 3 – 5 ’23 and near 2080/GC would mean for Gold & Silver in the months to follow… and why traders should be prepared!
For two solid months, the Weekly Re-Lay reiterated this analysis – allowing traders to take full advantage of the early-March buy signals AND prepare for sharp declines AFTER a May 3 – 5, ‘23 peak. With expectations for a multi-month bottom in the US Dollar, Gold & Silver could struggle in the coming month(s).
Gold topped on May 4th (just above 2080/GC) and Silver peaked on May 5th (26.435/SIN) – signaling the anticipated top was in place!
That dovetails with sell signals recently triggered in the Japanese Yen and then the Euro. The Euro generated its sell signal on May 10, allowing traders to enter short positions at 1.1001 – 1.1021/ECM…
That followed a similar sell signal in the Japanese Yen on April 24 – 26, allowing traders to enter short positions at .7568 – .7579/JYM, looking for a quick dive to .7310/JYM (as part of a larger overall decline in May ’23). It plunged to .7305/JYM, four days later:..
Gold & Silver are selling off after precisely fulfilling cycles that projected a decisive peak on ~May 4 – fulfilling a ~3-month low-high-(high) Cycle Progression in Gold and 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 that helped time the April 13 high.
They did that while also fulfilling upside price targets at 2060 – 2080/GC & 26.50/SI – the ultimate objectives from the buy signals triggered in early-March ’23. Gold also tested monthly resistance at 2063 – 2084.7/GCM in the opening days of the new month, where a peak was most likely.
Gold still needs a daily close below 2002.0/GCM to confirm. Silver has already done so. The May 4/5 highs have been, and still are, projected to spur an intermediate sell-off into [reserved for subscribers]…
The XAU & HUI retested and held the highs set in mid-April, 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 has been expected to drive these indexes lower into [reserved for subscribers]…
Gold & Silver are fulfilling the EARLY stages of a projected decline.”
Gold & Silver reached multi-month upside targets while fulfilling ongoing projections for a second advance to begin in early-March ‘23 and last into May 3 – 5, ’23, when a multi-month high was forecast. Precious Metals fulfilled this with uncanny precision and are now poised for sharp sell-offs… ultimately lasting into mid-to-late-Aug ’23, when the next multi-month bottom is expected.
The XAU & HUI are similar and projected a strong rally to new intra-year highs (into early-May ’23), with upside price targets now fulfilled. A retest of those targets was seen during early-May ’23 cycle highs and now ushers in the time for a multi-week drop. They are forecast to drop to ~110/XAU & ~210/HUI before this correction is complete.
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Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.