GOLD WEEKLY CHART UPDATE
For those who've followed me for a couple years now know I've been looking for a LT WAVE-IV low in gold, and instead, we've seen new ATHs.
I've applied Hurst Cycles to the gold chart, where they are synced at tops, which is how commodities seems to sync, and if we look at the last two IT tops in gold, there is a near-perfect nominal 9-year cycle peak competition at the August 2020 peak.
If this analysis is correct, we should see gold in an IT down trend into 2024-25, where I have a confluence of the 9-year and 18-year nominal cycle troughs, with a target in the 900-1000 range, and that WAVE-IV low time frame, which also supports a Fibonacci time ratio of .618 between waves II and IV... watching.