Gold & Silver Bottom at Revealing Monthly Support Levels; What Now?
07-15-23 – “Gold & Silver rallied into mid-month and should see future peaks in early-Aug ’23… Gold & Silver remain in multi-month corrective/consolidation phases, entered after they fulfilled multi-month cycles that projected a decisive peak on May 3 – 5. Those highs fulfilled ~3-month low-high-(high) & ~4-month low-high-(high) Cycle Progressions in Gold & Silver while testing upside price targets at 2060 – 2080/GC & 26.50/SI.
Those early-May highs reinforced the focus on late-Oct/early-Nov ’23 for the next multi-month peaks in Gold & Silver. Leading into 2023, metals were expected to set a series of ascending highs with intermediate sell-offs in between.
That has been the case and they could further corroborate the early-Nov ’23 cycles in the coming weeks. 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. Looking out over the next few months, three key times frames are in focus
[reserved for subscribers]…
Gold’s June & July ’23 lows were set right at its rising monthly 21 High MAC (AND 40 High MAC), increasing the odds the next 3 – 6 month advance – which could be starting now – will be a bullish one…
The XAU & HUI have re-entered neutral territory while fulfilling near-term analysis for rallies to ~130 – 133/XAU & 254 – 257/HUI after fulfilling the outlook for intermediate lows in late-June/early-July… Both indexes began July with some constructive setups – spiking slightly below their June lows while retesting their flattening monthly 21 Low MACs. That sets the stage for a potential 2 Close Reversal higher… that would signal a likely multi-month bottom. As a result, the next two weeks could be decisive.
Platinum & Palladium are showing signs of a near term low but need further confirmation. On a broader basis, Platinum may have completed a 2 – 3 month reactive sell-off (after turning its monthly trend up in April ’23, a lagging indicator that often times an initial peak) – with its late-June/early-July ’23 low and reversal higher.
At the very last, Platinum is expected to rally into July 31 – Aug 7, ’23, the next phase of a ~15-week high-high-high-(high) Cycle Progression. That would also complete a .618 rebound (in time) of its Feb ’21 – Sept ’22 decline and a 50% – .618 rebound (in time) of its Apr – Jun ’23 decline.”
Gold & Silver declined from multi-month cycle highs – on May 3 – 5, ’23 – into what could be multi-month cycle lows in late-June ‘23 – bottoming in line with a compelling convergence of daily & weekly cycle lows… and ushering in a pivotal period.
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.] 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 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. Intermediate lows were set in early-July ‘23.
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.