Gold & Silver on Track for Rally into May 3 – 5; Buy Signals Intact.
04-05-23 – “Gold & Silver spiked higher into the opening days of April, the ideal time for an initial high based on Silver’s weekly trend, the intra-month trends, ~30-day cycles in Silver, and cycles that continue to project the next multi-month peak for early-May ‘23…
By turning its weekly trend up, Silver added another level of confirmation to analysis it completed a larger-magnitude ‘2’ (or ‘B’) wave pullback in early-March ‘23 while fulfilling a ~6-month high-high-(low) Cycle Progression & completing a 50% retracement in time (4 months/18 weeks up, 2 months/9 weeks down). It also perpetuated a ~1-month/28 – 30 day high-high-high-(low; Mar 2 – 6, ‘23) Cycle Progression and has rallied ever since.
A future, more significant, peak is still expected in early-May ’23 – fulfilling a ~3-month low-high-(high) Cycle Progression in Gold and a ~4-month low-high-(high) Cycle Progression in Silver. Gold would also complete successive advances of equal duration (~7 months/~31 weeks, when compared to Aug ’21 – Mar ’22) if it extends its overall advance into early-May ’23.
The intra-month trends should now be monitored for validation to the 1 – 2 week outlook.
The XAU & HUI surged to new intra-year highs, further validating their monthly trend signals and the lows set on Mar 6 – 10, ’23 in fulfillment of the 21 – 23 week high-high-high-high-low-(low) Cycle Progression that has governed these indexes for a couple years. Tomorrow’s close is critical as it will determine whether these indexes are also ready to turn their intra-year trends up (with closes above 135.72/XAU & 261.80/HUI).”
Gold & Silver have steadily advanced since fulfilling the 1 – 2 year outlook for lows in Sept ’22 (SI) and Nov/Dec ’22 (GC). At that time, they entered the ideal setup – based on inflationary factors (slowing), interest rates, and the Dollar (peaking) – for the onset of a very bullish 1 – 2 year period in precious metals. Platinum is signaling something similar. 2023/24 holds the potential for some abrupt surprises (in and out of the markets) for precious metals, with multiple advances projected.
The second advance was expected to begin in early-March ‘23, after metals completed ‘2’ or ‘B’ wave pullbacks (following the initial advances), and to last into early-May ’23 (May 3 – 5) when the next intermediate high is most likely. Corresponding signals projected strong rallies in March & April ’23… coinciding with the outlook for bottoming Bonds & Notes, Cryptos and other markets.
The XAU & HUI are similar and projected a multi-month low by/on March 6 – 10 – perpetuating an uncanny ~23-Week Cycle. The monthly trend projects a strong rally to new intra-year highs to follow. Gold triggered a convincing weekly buy signal on March 3, ’23 and then triggered a corroborating daily buy signal on the March 8 close… confirming the outlook for a new surge in March/April ’23.
How High Could Gold & Silver (&XAU) Reach in 2023? Is a New MAJOR Bull Market in store??
Will the Outlook for Bonds (Bottom in ~March ’23) & Interest Rates Concur?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.