Gold & Silver Completing Corrections; Early-March into early-May ’23 Surges Likely!
03-01-23 – Gold & Silver have corrected after Silver peaked in early-Jan ‘23, while fulfilling weekly & monthly cycles, and Gold stretched its rally into early-Feb ’23. Silver’s Jan ‘23 peak fulfilled its multi-month upside target (24.50 – 24.68/SIH) and set the stage for a 1 – 2 month correction.
That has had Silver spiking down into a ~6-month/24 – 26-week high-high-low (Aug 29 – Sept 2, ’22) – (low; Feb 24 – Mar 3, ’23) Cycle Progression – a ~6-month/~180-degree move from its Sept 1 low. A low at this time would also complete a 50% retracement in time (4 months up, 2 months down).
It would also perpetuate a ~1-month/28 – 30 day high-high-high-(low; Mar 2 – 6, ‘23) Cycle Progression. Silver has dropped below weekly 21 MAC support (reinforcing that this is a higher magnitude correction; a ‘2’ wave decline on a 1 – 2 year basis) and completed a .618 retracement (of Sept – Jan ’23 rally) – at 20.50/SIK.
Gold turned its intra-year trend down, reinforcing the peak set in late-Jan ‘23 while attacking range-trading resistance at 1980/GCJ (1660 – 1820 – 1980/GCJ). That was expected to spur a drop to range-trading support at 1820/GCJ… which has since transpired…
The XAU & HUI reached and briefly spiked below their 2 – 4 week downside targets at 115/XAU & 220/HUI. Consistent with their weekly trend signals and weekly HLS indicators, they should bottom in the current time frame – fulfilling a 21 – 23 week high-high-high-high-low-(low) Cycle Progression that helped pinpoint the Sept ’22 low – with a low on Feb 24 – Mar 10, ’23.”
Gold & Silver fulfilled the 1 – 2 year outlook for lows in Sept ’22 (SI) and Nov/Dec ’22 (GC), followed by strong multi-month surges. They have since sold off and are poised to set multi-month bottoms at any time. These retracements would complete ‘2’ or ‘B’ wave pullbacks (following the initial impulse waves from the Sept & Nov ’22 lows) and set the stage for strong rallies in 2Q/3Q ’23… potentially coinciding with the outlook for topping interest rates and bottoming Bonds & Notes. However, they would also be a likely harbinger of a new (different) phase of inflation in 2023/24.
The XAU & HUI are similar and portend a multi-month low by March 6 – 10 – during the latest phase of an uncanny ~23-Week Cycle. The monthly trend projects a rally to new intra-year highs to follow.
How High Could Gold & Silver (&XAU) Reach in 2023?
Will the Outlook for Bonds (Bottom in ~March ’23) & Interest Rates Concur?
What Other Factors Could Positively Impact Gold & Silver in 2023?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.