Gold/Silver Poised for ~June 10th Lows; Gold Cycles Peak in July ’24!
06-08-24 – Gold & Silver are fulfilling analysis for a second drop into ~June 10… Gold & Silver have retreated after surging into May 20th and setting multi-week highs. At the time, Gold set new all-time highs (fulfilling its weekly trend) as Silver spiked to new multi-year highs and right to its initial upside target at 31.50 – 32.20/SIN – ushering in a pivotal top.
Silver has already retraced to its initial downside target (29.50/SIN) but was expected to see another round of selling late-week, with Gold projected to spike to/below its early-May low (~2280/GCQ = 1 – 2 week downside target) as Silver heads toward its next level of support around 27.80/SIN.
Friday’s action corroborated that and should spur follow-through selling in the coming week… at least for a few days. Friday’s action also produced an important signal that begins to hone the outlook for late-June/early-July…
Gold turned its weekly trend down as Silver remains in a weekly uptrend. That signals a few things for the coming weeks…
- Gold should set an initial low in the next 1 – 2 weeks and then enter a reactive 2 – 3 week rally.
- Gold could easily retest its high – and/or even spike above it – as part of that reactive rally… as long as it does not turn the weekly trend back up during that advance.
- This is one of those price/time indicators that could corroborate the overall outlook, including multi-month Gold cycles that peak in July 2024.
- Finally, that weekly trend reversal signal would portend a second decline after that intervening (reactive) multi-week bounce.
With markets often unfolding in a fractal-like manner (where action on one time period parallels action on a larger or smaller time period), Gold could trace out a weekly pattern that mirrors its monthly action of 2020 – 2022/23 – setting 2 – 3 successive highs at similar levels as it moves through a period of congestion or consolidation.
That remains in the context of expectations for a Gold peak in July 2024, ideally in the first half of the month. Silver corroborates that and has a ~14-month/~60-week high-high-(high) Cycle Progression recurring on June 24 – July 5, ‘24.
That reinforces a ~30-week (30 – 31-week) high-high-high-high Cycle Progression that recurs on June 24 – 28 (and July 1 – 5) 2024. It would also fulfill a 4th consecutive 58 – 60 day (~2-month) rally – leading into June 28/July 1, 2024. That is the same time frame (duration) of every primary advance Silver has completed since March 2023.
If Silver sets an intervening low in the coming week, it would also complete successive ~3-week rallies with an advance into July 1 – 5 2024.
Gold & Silver remain in corrective modes and are fulfilling secondary expectations for a drop to new multi-week lows with Gold capable of spiking down to 2275 – 2285/GCQ and Silver to 27.80 – 28.20/SIN.
The XAU & HUI are declining after fulfilling the analysis for overall surges into May 20th and to 150.50 – 152.00/XAU. The May 20th high fulfilled successive advances of equal duration (~80 days) and a ~5-month high (July 18 – 22) – high (Dec 18 – 22) – (high; May 18 – 22, 2024) Cycle Progression.
A drop to 133.50 – 135.00/XAU was projected for this past week and was nearly fulfilled, increasing the related potential for a spike as low as ~130.70/ XAU early in the coming week. That is reinforced by this week’s SPS & 21 High MAC.
On a larger-scale basis, the XAU & HUI remain in multi-month uptrends that could ultimately extend into September ’24 before a 6 – 12-month peak would be most likely.”
Gold & Silver fulfilled their early-May buy signals, surging right to upside price targets and into multi-week/multi-month cycle highs on May 17/20th. A multi-week top was projected and a subsequent low in June… before a new rally into July 2024 – when Gold is projected to set a decisive, multi-month peak. (Silver had greater synergy of cycles in May 2024, so a July ’24 peak could be a divergent/lower high than Gold.)
The 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 2024! Gold is acting as the ‘Canary in the Coal Mine’ and has fulfilled projections to break out to the upside. However, an ongoing battle with the Dollar Index should intensify volatility in preparation for the biggest surprises in 2025 & 2026.
Gold & Silver Fulfill Projected Surges into May 17/20th; Drop to Initial Support..
June ’24 Low Should Spur New Rally into July 2024 Peak!
40-Year Cycle (Projected) Impact on 2024/2025 Powerfully Reinforced.
“40-Year Cycle – Dollar Dominion, Dilemma & Demise”
“40-Year Cycle – Currency Wars & Cryptos”
“Solar, Seismic & Gold Intensity Cycles”
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.