Gold & XAU in Pivotal Week… Is Gold Low Developing? Wave Symmetry Says Yes!
11-19-24 – “Gold & Silver reinforced signs of multi-month tops after attacking critical upside targets in late-October – the projected time for a multi-month peak…
The related ~54-week cycle and 27-week low-high-(high) Cycle Progressions peaked on October 28th – when both set their highest weekly closes. Gold stretched its intraday/intra-week high into October 30th, fulfilling a ~5-week/34 – 37-day low-high-high-high-(high; Oct 30) Cycle Progression and ushering in a reactive period.
Both Gold & Silver entered this week with a higher probability for a reversal back up. Silver is in the third week after testing and holding its weekly HLS… while Gold is in the second week of a similar setup. That indicator usually generates a 1 – 2 month low in the ensuing 2 – 3 weeks… so a low was due.
A low on Nov 11 – 18th was expected and would perpetuate a ~14-week low-low-low-(low) Cycle Progression. So far, that has been the case.
Multiple targets and support levels converged at 29.71 – 29.86/SIZ, which is exactly where Silver bottomed. Gold bottomed slightly above extreme downside support while creating the largest decline since May – October 2023, a sell-off which Gold just matched in its magnitude (~260.0/GC declines in both cases).
Gold has twice neutralized its weekly uptrend and would not turn that trend down until a weekly close below 2541/GCZ. As long as that does not occur, Gold is poised to enter a new wave higher. (That indicator also increased the likelihood for a reversal higher this week. Silver has only triggered one neutral signal.).
Metals continue to reinforce analysis that projected major, multi-year lows to take hold in late-2022 and lead to a multi-year advance. Ultimately, these trends could spur higher prices into 2027/2028 – when major cycles converge.
If Gold & Silver bottom before the end of 2024 (potentially before the end of November), they would likely be completing a larger-magnitude wave ‘4’ (or ‘IV’) of the overall advance from the late-2022 low.
That would pave the way for a wave ‘5’/’V’ advance into (at least) Oct/Nov 2025. The similar-magnitude decline in Gold, which was just fulfilled, corroborates that wave potential.
The XAU & HUI dropped sharply after fulfilling upside projections in price and time as the XAU surged into a synergistic convergence of geometric cycle highs on October 21/22nd and topped while fulfilling an ~18-week low-low-low-low-(high; Oct 21 – 25, 2024 Cycle Progression.
It also fulfilled a ~4-month low (Feb 13) – low (June 17) – (high; October 21/22, 2024) and ~2-month low (Feb 13) – low (April 16) – low (June 17) – high (Aug 20) – (high; October 21/22, 2024) Cycle Progression… and a ~3-month high (Jan 12) – high (April 12) – high (July 16/17) – (high; October 16 – 22, 2024) Cycle Progression.
Since setting those peaks, they have been targeting a plunge back to their early-August ’24 lows. That dovetails with the monthly HLS (extreme downside target for Nov ’24) at 135.63/XAU and the past week’s HLS at 136.66/XAU. 135.32/XAU is weekly 21 MARC support.
Similar to Gold, the XAU has twice neutralized its weekly uptrend but would not turn that trend down until a weekly close below 142.35/XAU.”
Gold, Silver & XAU have sold off after fulfilling ongoing projections for a surge into late-October ’24. Gold & the XAU are in a decisive time, based on their weekly trend patterns. Gold has also just fulfilled a pair of downside wave objectives, increasing the likelihood for a multi-month low. The XAU portends a drop below 136.00/XAU – where multi-month support aligns – before the next advance becomes more likely.
The 40-Year Cycle of Currency War continues to impact Gold and its relationship to the US Dollar. Gold fulfilled major cycles in Sept/Oct 2022 when it perpetuated a 7-Year Cycle of consistent lows (2001 – 2008 – 2015 – 2022) that coincided with the onset of a new 40-Year Cycle of Currency War AND 80-Year Cycle of War and projected a multi-year bull market to follow…
Outlook 2022/23: A New Currency War Begins
Outlook 2023: A New Currency War & Inflation
40-Year Cycle – Dollar Dominion, Dilemma & Demise
Late-2023 was projected to reaffirm this analysis when Middle East War Cycles were projected to reignite (in October 2023… exactly when war broke out)…
Middle East War Cycles Collide in Late-2023
Gold & Silver (& US Dollar) fulfilled the latest phases of their 2022 – 2027 outlooks with the Dollar bottoming in late-Sept and metals surging into late-Oct ’24… reinforcing analysis for a series of future Gold peaks projected for 2025 & 2026. The late-October high reinforces future Gold cycle highs in early-Feb, early-May & early-Nov ‘25. Gold could be setting a low now and preparing for a rally back to its high.
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