Gold: Hurst Cycles - 18th August 2022
Gold reaches target of around 1800 from the 80 day nominal low, established mid July. We look at the next moves as price approaches the imminent 40 day nominal low.
Gold surged higher over the last few weeks, establishing the latest iteration of the extremely periodic 80 day component (circa 55-75 days average wavelength) in mid July. Targets of the 20 week VTL and a level of 1800 were achieved:
From 7th July Report
At the short term we anticipate a low of at least 80 day magnitude shortly with an FLD cascade above price and a retest of the 20 week VTL likely around 1800. The next 80 day nominal low will really clarify the longer term component placements and that is expected in late September, according to the current phasing analysis.
Price is currently tracking the 80 day FLD at the weekly level (below, medium term chart) and is poised for the 40 day nominal component low in the next few days.
Keep reading with a 7-day free trial
Subscribe to Sigma-L to keep reading this post and get 7 days of free access to the full post archives.