Gold & Silver Completing Rebounds; Turn Focus to Late-June ’23 Cycle Lows.
06-10-23 – “Gold & Silver are bouncing but could reverse back down as soon as the coming week… Gold & Silver remain in a corrective mode, having sold off after fulfilling intermediate cycles that projected a decisive peak on May 3 – 5. Those highs fulfilled ~3-month low-high-(high) and ~4-month low-high-(high) Cycle Progressions in Gold & Silver, respectively, while testing upside price targets at 2060 – 2080/GC & 26.50/SI.
Following that, both sold off with Silver reversing its weekly trend down while testing and holding its monthly HLS (23.36/SIN). While that has broader ramifications for June & July ’23, it was initial support that was expected to spur a bounce. Silver is fulfilling that and could [reserved for subscribers]…
Gold is a little different than Silver and has neutralized its weekly uptrend multiple times… From a timing perspective, Gold was expected to set (at least) a multi-week low on ~May 30, where it completed successive declines of equal duration (26 days) and bottomed in line with a ~30-day/~1-month cycle that has timed lows in the final trading day(s) of the month in Feb (28), Mar (27) & Apr (27).
It set its lowest daily close on May 26 and spiked to its lowest low on May 30 and reversed higher… but has consolidated since then… Gold has been trading inside its weekly 21 MAC as that channel is flattening… a more bearish scenario could unfold if Gold drops below 1950/GCQ in the coming week… The next multi-month cycle low in Gold is most likely in [reserved for subscribers]…”
Gold & Silver initially sold off after fulfilling multi-month upside price targets AND cycles/timing indicators that peaked on May 3 – 5, ’23 (while convincingly reinforcing two future cycles). They completed initial sell-offs in May ‘23 with the weekly trends providing additional corroborating clues – projecting a new decline after a reactive bounce. Daily cycles next recur in late-June ’23.
From a broader perspective, the early-May ’23 peaks powerfully corroborated the other primary cycle focus for 2023 – the time frame in/around late-Oct/early-Nov ’23. That remains a decisive cycle, with some surprising expectations for the months leading into it! [The period surrounding early-Aug ’23 could provide additional reinforcement.]
The XAU & HUI are similar and fulfilled projections for a strong rally into, and a multi-month top in, early-May ’23. In mid-April and early-May ’23, they reached convincing upside targets and signaled 3 – 6 month peaks and the onset of a 1 – 2 month corrections… which are now unfolding.
How Does Early-May Peak Corroborate Aug – Nov ’23 Cycles?
Is a New MAJOR Bull Market Unfolding? If so, When is a Breakout Likely??
How Are Interest Rates & Inflation Creating a Unique Opportunity?
Refer to the April 11, 2023 special issue of The Bridge – Gold, Silver and Elliott Wave Structure for expanded analysis that addresses some of those questions.
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.