Gold/Silver Validating Middle East War Cycles; Project Sharp 2 – 4 Week Rallies.
10-11-23 – “Gold & Silver Gold & Silver are rallying, further paralleling the action of 2016 (when the previous wave ‘I’ & ‘II’ of a larger-magnitude advance unfolded).
In 2016, Gold & Silver rallied for 7 – 8 months before selling off for the ensuing ~5 months.
In 2022/2023, Gold & Silver rallied for 7 – 8 months before selling off for the ensuing ~5 months.
In 2016, Gold retraced 70 – 75% of its initial rally during that ~5-month sell-off.
In 2023, Gold retraced 70 – 75% of its initial rally during this ~5-month sell-off.
They have dropped to ‘normal’ retracement levels with the GLD ETF also dropping right to its 4th wave of lesser degree support (168.19; last week’s low was 168.30/ GLD) as Gold & Silver neared or spiked below related levels.
From a timing perspective, there was a good chance for a 1 – 2 month (or longer) low in early-Oct ‘23…
With last week’s low (Oct 2 – 6, ’23), Silver completed a .618 retracement in time – 35 weeks up & 22 weeks down – while fulfilling an ~11-week high-high-(low) Cycle Progression AND a ~15-week low-low-low-(low) Cycle Progression. That was also the same time of year when Gold set its lowest weekly close in 2022 – a 1-year/~360-degree cycle from its ~Oct ’22 major bottom.
They rallied and turned their daily trends up with Gold also turning its intra-month trend up… reinforcing the potential for Gold & Silver to undergo a quick, sharp 3 – 4-week rally into early-Nov ’23 – when a 1 – 2 month high is more likely.
The XAU & HUI set lows in early-Oct ’23, fulfilling similar-magnitude AND duration declines (‘c = a’ on a price & time basis) – potentially completing their wave ‘II’ declines and setting the stage for a more significant advance to begin taking hold.
They (and Gold & Silver) also fulfilled a larger-magnitude monthly cycle that has been discussed throughout the past 5 – 7 years (particularly in Gold). It is a 12.5 – 13.5-month/~54 – 59-week cycle that has created a high (Aug ‘19) – high (Aug ‘20) – low (Aug/Sept ‘21) – low (Sept ‘22) Cycle Progression that portends another low in the first half of Oct ‘23.
Both indexes turned their daily & intra-month trends up, confirming multi-week lows and projecting initial rallies into mid-Oct ’23.”
Gold & Silver (and XAU/HUI) have entered bullish cycles that begin in early-Oct ‘23… and are expected to spur a sharp multi-week rally into mid-Oct (Silver) and potentially early-Nov ’23 (Gold). Middle East Cycles collide in Oct ’23 and were powerfully validated with recent events. They should spur an initial surge into mid-Oct ’23 when Silver cycles converge.
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 late-2023 – late-2024! The 90/10 Rule of Cycles has been projecting a sharp 2 – 4 week advance in October ’23 – in the final weeks leading into a (potential) Oct/Nov ’23 peak. The weekly 21 MARCs concurred.
Will Middle East War Cycles Impact Gold & Silver in 2024?
How Did 90/10 Rule of Cycles AND 21 MACs Project Sharp Rally in October ’23?
Why are mid-Oct (Silver) & early-Nov ’23 (Gold) Cycle Highs Critical to 2024 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 <strong><em><a href=”https://www.insiidetracktrading.com/the-weekly-relay” target=”_blank” rel=”noopener noreferrer”>Weekly Re-Lay</a> & <a href=”https://www.insiidetracktrading.com/insiide-track-newsletter” target=”_blank” rel=”noopener noreferrer”>INSIIDE Track</a></em></strong> publications for additional details and/or related trading strategies.