Gold Fulfilling Projected Surge into Dec 4th and to ~2152/GCG! What Should Follow??
11-30-23 – “Gold & Silver are rallying steadily after correcting into daily cycle lows on Nov 10/13 at which time Gold attacked & held its weekly HLS at 1937/GCZ (see Nov 10, 2023 chart, reprinted above) while Silver completed a 50% retracement of its initial advance.
That low fulfilled a 26 – 29 trading day high-high-high-high-low-(low) Cycle Progression and paved the way for Silver to rally into early-Dec ’23 – when a ~7-month/~30-week high-high-high-(high) Cycle Progression recurs (Dec 1 – 8, ’23). As a result, Gold & Silver have been forecast to accelerate higher in late-November & early-December.
Silver’s mid-October ’23 high reinforced analysis for a subsequent high to emerge in mid-January 2024. A rally into the middle half of January 2024 would perpetuate a ~36-week low-low-low-high-(high) Cycle Progression as well as a .618 rebound in time (22 weeks down, 14 weeks up).
So, there is likely to be a pair of successive highs – first in early-December and then in mid-Jan ‘24.
From a broader perspective, long-term decennial and geometric cycles are focused on 2023 – 2025 as a likely time for a major rally in Silver.
The Sept 2022 low was expected to be a multi-year low and the recent Oct 2 – 6, ’23 low was likely the end of Silver’s wave II retracement. It fulfilled a textbook .618 retracement in time – 35 weeks up & 22 weeks down – as well as ~11-week high-high-(low) AND ~15-week low-low-low-(low) Cycle Progressions that reinforced that cycle trough.
The month of Oct ‘23 was also when the monthly AND weekly 21 MARCs were set to become a positive influence. That was the same time of year when Gold set its lowest weekly close in 2022 – a 1-year/~360-degree cycle from its ~Oct ’22 major bottom.
That ushered in the ‘1’ of ‘III’ advance – the October ‘23 surge – that should pave the way for future rallies if/when a breakout of Gold’s triple-top occurs (the April 11, ’23 issue of The Bridge elaborated on this topic and included the wave diagram above).
The ‘2’ of ‘III’ pullback bottomed on Nov 13 and ushered in the ‘3’ of ‘III’ advance (see Gold & Silver charts on pages 6 & 8).
Silver surged to its weekly & monthly LHRs, increasing the likelihood for a multi-week peak in early-December and a multi-month peak in mid-January.
Silver is fulfilling the potential for another accelerated advance in the weeks surrounding Nov 20 – 24, ’23 – the likely time for its weekly 21 MAC to turn up (due partially to the declining 21 MARC).
Gold was in a similar situation after spiking down to its weekly 21 Low MAC (see chart on page 6). Both turned their weekly 21 MACs up last week, fulfilling this pattern and increasing bullish pressure for the weeks (and months) that follow.
That is what had been necessary to trigger a second accelerated advance in Gold, which could see a quick surge… A Gold surge to ~2152/GCG would create equal-magnitude rallies from the early-Oct ’23 multi-month cycle low.
If this rally extends into – and peaks on – December 4 – 8, 23, Gold would fulfill a ~31-week low-high-(high) Cycle Progression from its 2022 low AND complete equal-duration rallies from the early-Oct ’23 cycle low.
On the whole, Gold & Silver continue to reinforce analysis that projected major, multi-year lows to take hold in late-2022 and lead to a series of highs during the initial phases of what has been forecast to be a larger-magnitude advance.
2023 – 2025 is a pivotal time for Silver that includes a series of geometric and/or decennial cycles (10-year and 30-year intervals), all of which apply to times when Silver experienced dramatic reactions to geopolitical or fundamental events. (See the November 2023 INSIIDE Track for details.)
In addition to cyclic & technical factors, there are many fundamental factors that favor a significant rally in Silver – from late-2022 into 2025. As explained many times before, 2023 also ushered in the inflationary ‘sweet spot’ for Silver when the waning threat of higher interest rates would remove a significant burden from Silver pricing.
On a comparative basis, Gold & Silver are starting this (potential) multi-year advance the same way they started the previous one – paralleling the action of 2016 (when the previous wave ‘I’ & ‘II’ of a larger-magnitude advance unfolded).
In 2016, Gold & Silver rallied for 7 – 8 months before selling off for the ensuing ~5 months.
In 2022/2023, Gold & Silver rallied for 7 – 8 months before selling off for the ensuing ~5 months.
In 2016, Gold retraced 70 – 75% of its initial rally during that ~5-month sell-off.
In 2023, Gold retraced 70 – 75% of its initial rally during the recent ~5-month sell-off.
That set the stage for ‘3rd waves’ – on multiple levels to begin to take hold. The first two stages are projected to be accelerated surges into early-Dec ‘23 and then into mid-January 2024.”
Gold & Silver are fulfilling ongoing projections for a second sharp multi-week rally in 4Q ’23, projected to stretch into early-December ’23 (Dec 4th would fulfill greatest synergy of cycles) & create a Gold spike above its early-May ’23 peak (2152/GCG = ideal target – where other upside targets converge). If fulfilled, that would have a powerful impact on other key markets that have been discussed in related analysis.
The action since late-2022 is powerfully validating the onset of a new 40-Year Cycle of Currency War in which Gold & Silver possess unique potential for late-2023 – late-2024! This should have a dramatic impact on the US Dollar and could coincide with a pullback in interest rates. Early-December could/should provide the next corroboration to that outlook. Gold is acting as the ‘Canary in the Coal Mine’.
Why Should Gold Attack 2152/GCG on ~December 4, ‘23?
How Does Developing Surge Reinforce 2024/2025 Outlook?
How Does Gold Movement Portend Related Shocks in Other Key Markets??
Refer to the April 11, 2023 special issue of The Bridge – Gold, Silver and Elliott Wave Structure – and subsequent reports – for expanded analysis and charts as well as discussion on why, how & when Gold is most likely to break out to the upside following a multi-year ‘flat correction’.
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.