A seasonal update on Gold - Aug 1st, 2023
When will Gold move above the last three peaks?
Introduction
In my last update, late January 2023, I forecasted a third peak by May 2023. Below you can see the chart I published for our premium subscribers.
Last time I also mentioned: “There are upcoming eclipses on April 20th and May 5th, 2023. In the past, Gold reacted heavily on these eclipses and midpoints, as you can see. The Solar eclipse of April 20th may act as a hotspot on which a crest and third peak may unfold. This could be an early peak. The lunar eclipse of May 5th could be a second attempt for a crest.” The crest was set on May 4th, 2023. So far, we have been right on the third peak to unfold at the end of the cycle(Blue circle) drawn.
As W.D. Gann taught us:
“Triple bottoms are the strongest and triple tops the strongest, but it is very important to watch an option when it reaches the same level the fourth time as it nearly always goes thru.” W.D. Gann Commodity Course
We are not at that point yet. Longer-term cycles may not be at the end of their cycle troughs. There is a seasonal tendency unfolding around July/August of each year looking at over more than 48+ years of Gold data.
The above seasonality chart generally shows that the most price action takes place between July-October High, October to November low, and November Low to January High. However, this pattern may not always work and can invert as shown in the chart.
So, let’s have a look at other longer-term cycles as well to see what a probable path may be. In this article I will also learn you how the find important support and resistance levels by using a Square of Nine chart.
This analysis is intended for general informational & educational purposes only. Hypothetical or simulated performance based on past cycles has many limitations. Cycles can contract, extend, and invert. Hence, past performance is no guarantee for the future. No advice. Please read our full disclaimer.