Gold, Silver, & XAU Project Drop (& Dollar Rally) into Aug 17 – 24, ’23!
07-22-23 – “The Dollar Index is rebounding after fulfilling its weekly trend pattern by dropping to new lows. That sell-off also fulfilled its negative weekly 21 MAC signal and outside-week/2 Close Reversal lower on July 7. The ensuing rally has already turned the daily trend up, increasing the likelihood a multi-week low has taken hold.
The next, more synergistic, cycle convergence arrives on Aug 14 – 25, ’23 – the latest phase of 23 – 24 week & 11 – 12-week high-high-(high?) Cycle Progressions. That has been expected to time a subsequent high. However, the action of the next ~two weeks must validate that…
The Euro reversed lower after fulfilling the outlook for a rally into mid-July, the intra-month uptrend target and the convergence of a ~12-week high-high-(high) Cycle Progression and over-arching 24 – 26-week high-high-high-(high) Cycle Progression…
Gold & Silver remain in multi-month consolidation phases between their late-Feb/early-March ’23 lows and the subsequent cycle highs set on May 3 – 5. Those highs fulfilled ~3-month low-high-(high) & ~4-month low-high-(high) Cycle Progressions and reinforced the focus on late-Oct/early-Nov ’23 for the next multi-month peaks – what could be the culmination of a major rally…
On a 2 – 4 week basis, Gold & Silver have rallied since bottoming in late-June – fulfilling a ~17-week high-high-low-low-low-(low; June 26 – 30, ‘23) Cycle Progression. In Gold, those June & July ’23 lows were set right at the rising monthly 21 High MAC (AND 40 High MAC) – after pulling back to that ascending support – a potentially bullish pattern…
Gold & Silver could… see a quick sell-off into mid-to-late-Aug ’23… a decline into Aug 21 – 25, ’23, the convergence of multiple cycles and timing indicators in Gold – including a ~3-month/ ~90-degree low (Nov 23) – low (Feb 27) – low (May 25/26) – (low; Aug 23 – 28) Cycle Progression.
It is also the mid-point of the latest phase of the ~17-week high-high-low-low-low-low (June 26 – 30) – (high; Oct 23 – Nov 3, ’23) Cycle Progression and, as a result, would reinforce the future cycle peak in late-Oct/early-Nov ‘23 if a low were set at that time… [reserved for subscribers] is a prime time for an accelerated rally if the late-Aug ’23 low concurs. That is due to key cycles and the weekly 21 MARC.)…”
Gold & Silver have remained in a corrective phase since fulfilling projections for multi-month peaks on May 3 – 5, ’23 (while convincingly reinforcing two future cycles). They have repeatedly been forecast to set their next multi-month low in the second half of Aug ’23 (watch August 17 – 24), when a myriad of weekly & monthly cycle lows converge. The outlook for late-August – early-Nov ’23 is taking shape and could produce surprising results.
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 Dollar is projected to set a future peak on Aug 14 – 25 while Gold is likely setting a multi-month low.
The XAU & HUI are similar and projected to set decisive lows surrounding mid-Aug ’23. The XAU possesses the most consistent and uncanny weekly cycle – a 23-week high (Jun ’21) – high (Nov ’21) – high (Apr 18 – 22, ’22) – low (Sept 26 – 30, ’22) – low (Mar 6 – 10, ’23) – (low; Aug 14 – 21, ’23) Cycle Progression that portends a multi-month bottom on Aug 14 – 21, ’23 (greatest synergy of cycles on Aug 17/18, ’23).
Where are Metals Likely to Bottom on August 17 – 24, ’23?
Is an Upside Breakout Likely Before Early-Nov ‘23??
Will the Dollar Index Set a Pivotal Peak on Aug 14 – 25, ‘23?
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 Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.