Gold Weekly Trend Projects Retest of High in July ’24!
06-15-24 – Gold & Silver fulfilled analysis for a second drop into this past week and now enter a decisive period … Gold & Silver retreated after surging into May 20th and setting multi-week highs. At the time, Gold set new all-time highs (fulfilling its weekly trend) as Silver spiked to new multi-year highs and right to its initial upside target at 31.50 – 32.20/SIN.
They entered multi-week corrections and reached their initial downside objectives in early-June, leaving open the possibility for additional downside into mid-month. They could still see additional spike lows but Gold has held above its rising weekly 21 High MAC the past two weeks.
As long as Gold continues to do that, on a weekly close basis, it would remain likely to rally back to its high leading into July 2024. That is tempered by the action and signal generated on June 7th – when Gold turned its weekly trend down. That signaled a few things for the coming weeks…
- Gold should set an initial low in the current 1 – 2-week period (June 17 – 21st is the 2nd of those 2 weeks) and then enter a reactive 2 – 3 week rally.
- Gold could retest its high – and/or even spike above it – as part of that reactive rally… as long as it does not turn the weekly trend back up during that advance. Currently, the earliest that Gold could turn its weekly trend up is July 5th, so that still fits with the overall outlook.
- That reversal signal would portend a second decline after that intervening (reactive) multi-week bounce… beginning at some point in July ’24.
Wave (duration) similarities could also play a role in honing the most likely time for a potential July 2024 peak…
With markets often unfolding in a fractal-like manner (where action on one time period parallels action on a larger or smaller time period), Gold could trace out a weekly pattern that mirrors its monthly action of 2020 – 2022/23 – setting 2 – 3 successive highs at similar levels as it moves through a period of congestion or consolidation.
These Gold cycles reinforce multiple Silver cycles that portend similar actions…
The XAU & HUI are declining after fulfilling the analysis for overall surges into May 20th and to 150.50 – 152.00/XAU. The May 20th high fulfilled successive advances of equal duration (~80 days) and a ~5-month high (July 18 – 22) – high (Dec 18 – 22) – (high; May 18 – 22, 2024) Cycle Progression.
A drop to 133.50 – 135.00/XAU was projected and was fulfilled… On a larger-scale basis, the XAU & HUI remain in multi-month uptrends that could ultimately extend into September ’24 before a 6 – 12-month peak would be most likely.”
Gold & Silver are fulfilling intermediate cycle lows (June 7 – 14th) and should subsequently rally into July 2024 – when Gold is projected to set a decisive, multi-month peak while retesting its recent high. (Silver had greater synergy of cycles in May 2024, so a July ’24 peak could be a divergent/lower high than Gold.)
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 2024! Gold is acting as the ‘Canary in the Coal Mine’ and portending an ongoing battle with the Dollar Index that should intensify in 2025 & 2026.
Gold & Silver Fulfill Projected Pullbacks into June 7/10th; Multi-Week Low Likely.
June ’24 Low Should Spur New Rally into July 2024 Peak!
How Does Weekly Trend Pinpoint Likely Level for July 2024 Gold Peak?.
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Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.