Gold/Silver/XAU Poised for Mid-November (1 – 2 Month) Low; Weekly Trend is Key.
11-12-24 – “Gold & Silver are confirming signs of multi-week or multi-month tops after attacking critical upside targets in late-October – the projected time for a multi-week (likely multi-month) high.
From a price perspective, Silver led this topping phase, attacking its weekly LHR on Oct 18th, increasing the likelihood for a 1 – 2 month peak in the subsequent week(s). In the following week, it spiked up to monthly resistance (33.96 – 34.55/SIZ) and peaked while fulfilling the objective for a wave ‘v’ of ‘5’ of ‘III’ wave peak.
Silver peaked on October 22nd – along with related cycles in the XAU Index – while Gold waited another week to fulfill its own cycles. Its late-October ’24 peak fulfilled the latest phase of an ongoing ~1-year/~12.5-month high-high-low (Aug ’21) – low (Sept ’22) – low (Oct ’23) – (high; late-Oct 2024) Cycle Progression.
Gold stretched its intraday/intra-week high into October 30th, fulfilling a ~5-week/34 – 37-day low-high-high-high-(high; Oct 30) Cycle Progression and then turned down – validating all this ongoing analysis and projecting an initial drop into Nov 8/11th (could stretch into mid-month based on intra-month downtrends).
The related ~54-week cycle and 27-week low-high-(high) Cycle Progressions peaked on October 28th – when both set their highest weekly closes. All of that set the stage for a decisive top and an initial sell-off into the current time frame.
Silver has entered the second week after testing and holding its weekly HLS. That indicator usually generates a 1 – 2 month low in the ensuing 2 – 3 weeks. In addition, a low on November 11 – 18th would perpetuate a ~14-week low-low-low-(low) Cycle Progression…
The XAU & HUI have dropped sharply after fulfilling upside projections in price and time as the XAU surged into a synergistic convergence of geometric cycle highs on October 21/22nd and topped while fulfilling an ~18-week low-low-low-low-(high; Oct 21 – 25, 2024 Cycle Progression as well as the following:
- ~4-month low (Feb 13) – low (June 17) – (high; October 21/22, 2024) Cycle Progression.
- ~2-month low (Feb 13) – low (April 16) – low (June 17) – high (Aug 20) – (high; October 21/22, 2024) Cycle Progression.
- ~3-month high (Jan 12) – high (April 12) – high (July 16/17) – (high; October 16 – 22, 2024) Cycle Progression.
That also fulfilled a similar ~1-year/~12.5-month high-high-low (Aug ’21) – low (Sept ’22) – low (Oct ’23) – (high; late-Oct 2024) Cycle Progression as in Gold. They quickly confirmed those peaks, increasing the likelihood for a plunge back to their early-August ’24 lows.
That dovetails with the monthly HLS (extreme downside target for Nov ’24) at 135.63/XAU and the coming week’s HLS at 136.66/XAU. ~132.50/XAU is also weekly 21 MARC support. A ~5-week low-low-low-(low) Cycle Progression could produce a multi-week low by/on Nov 15th.”
Gold, Silver & XAU have sold off after fulfilling ongoing projections for a surge into late-October ’24. A multi-month peak was projected to take hold and trigger a corrective phase when metals would consolidate in a trading range. That could produce a subsequent Gold low before the end of 2024… potentially before the end of November. A multi-week low is likely in all the metals in mid-November.
The 40-Year Cycle of Currency War continues to impact Gold and its relationship to the US Dollar. Gold fulfilled major cycles in Sept/Oct 2022 when it perpetuated a 7-Year Cycle of consistent lows (2001 – 2008 – 2015 – 2022) that coincided with the onset of a new 40-Year Cycle of Currency War AND 80-Year Cycle of War and projected a multi-year bull market to follow…
Outlook 2022/23: A New Currency War Begins
Outlook 2023: A New Currency War & Inflation
40-Year Cycle – Dollar Dominion, Dilemma & Demise
Late-2023 was projected to reaffirm this analysis when Middle East War Cycles were projected to reignite (in October 2023… exactly when war broke out)…
Middle East War Cycles Collide in Late-2023
Gold & Silver (as well as US Dollar) have fulfilled the latest phases of their 2022 – 2027 outlooks with Gold & Silver (and XAU) surging into late-October ’24 and reinforcing analysis for a series of future peaks projected for 2025 & 2026… as Gold’s bull market continues. The late-October high reinforces future cycle highs in early-Feb, early-May & early-Nov ‘25. The XAU is similar and portends a drop below 136.00/XAU – where multi-month support aligns – before the next advance becomes more likely.
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