Gold, Silver, & XAU Trading: Aug 17 – 24, ’23 = Pivotal Period!
07-29-23 – “The Dollar Index rallied to multi-week resistance and is at a crossroads. The next multi-week cycle convergence arrives on Aug 14 – 25, ’23 – the latest phase of 23 – 24 week & 11 – 12-week high-high-(high/low?) Cycle Progressions. That had been expected to time a subsequent high… The Dollar Index extended its rebound, reinforcing that with a daily (but not a weekly) close above 101.50/DXU…
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, leading into then.
Gold & Silver could… see a quick sell-off into mid-to-late-Aug ’23 before a strong rally into ~early-Nov ‘23… The mid-July ’23 high fulfilled a ~3-month/~90-degree low-low-high-high-(high) Cycle Progression and projects another high in mid-Oct ’23. Other highs could be seen in the interim.
After Silver turned its daily trend down, it gave a quick rebound into July 26/27 and then dropped to new lows, validating that daily trend… That would then be expected to spur 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.”
Gold & Silver remain in a corrective phase since fulfilling projections for multi-month peaks on May 3 – 5, ’23. 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 and usher in a unique period of time – in the markets and geopolitically. The outlook for late-August – early-Nov ’23 is becoming more clear and could produce surprising results… in and out of the markets!
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 & Silver are likely setting multi-month lows.
The XAU & HUI are similar and projected to set decisive lows surrounding mid-Aug ’23, ideally on Aug 17 – 21, ’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.