Silver Signaling Future Divergent (Mid-Oct ’23) Peak; XAU Weak.
08-02-23 – “Silver initially peaked in mid-July, perpetuating a ~3-month/~90-degree cycle from its mid-April & mid-Jan ’23 highs. Those highs were preceded by lows in mid-Oct & mid-July ’22… and a high in mid-April ’22… a consistent string of ~3-month turning points.
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 (possibly diverging & preceding early-Nov highs in Gold). Other highs could be seen in the interim…
Last week, Silver attacked and held its weekly HLS (24.27/SIU – extreme downside weekly target), portending a secondary low in the week(s) that follow… and the onset of a new rally.
The XAU & HUI remain in neutral territory after fulfilling intra-month analysis for July rallies to ~130 – 133/XAU & 254 – 257/HUI (after fulfilling the outlook for intermediate lows in late-June/early-July).
They neutralized their weekly downtrends multiple times but would not turn them up until weekly closes above 130.77/XAU & 253.71/HUI. As a result, those trends have prompted a new round of selling with the HUI retesting its June/July low.”
Gold & Silver remain below their May 3 – 5, ’23 cycle highs (likely 3 – 6 month peaks), fulfilling projections for multi-month declines into 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.
Geopolitical cycles argue for a related trigger event on ~Aug 22 – 24, ’23 (when Vladimir Putin is projected to ‘make a statement’ with some sort of action that alters the landscape moving forward and starts the clock ticking on a more significant event leading into future cycle highs).
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 for the coming months and years! The next confirming action could occur in the weeks leading into late-Oct/early-Nov ’23 – when an accelerated advance is most likely based on the 90/10 Rule of Cycles and diverse indicators. Silver is signaling it would likely peak in mid-Oct ’23, just before Gold cycles peak.
Where are Metals Likely to Bottom on August 17 – 24, ’23?
Will Geopolitical ‘Statement’’ (Aug 22 – 24, ’23) Set Stage for Next Rally!
How Could Divergent Silver Peak (Mid-Oct ‘23) Corroborate 2024/25 Outlook?
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.