Gold Fulfilling Projected Surge into December 4th and to ~2152/GCG! Final Spike Imminent.
11-29-23 – Gold, Silver & XAU Rallies Continue: “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 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).
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).
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 (see November ’23 INSIIDE Track for details).
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 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 (see April 11, ’23 issue of The Bridge for related analysis on this ultimate breakout signal).
The ‘2’ of ‘III’ pullback bottomed on Nov 13 and ushered in the ‘3’ of ‘III’ advance (see chart on page 4).
Silver did see a surge to ~24.40/SIH, its weekly LHR, and is attacking 25.77/SIH by/on Nov 30, ’23 – the ideal scenario for this portion of its latest advance. That is where its monthly LHR intersects its late-August ’23 high (2 – 3 month resistance). By testing this now, it reinforces the potential for some continued upside into early-Dec ’23… when a 1 – 2 week peak is expected.
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. 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 to ~2105.0/GCG – its weekly LHR – in the coming days. Ultimately, this latest rally could prompt Gold to attack and/or exceed its 2023 high at 2140.0/GCG.
A rally 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 (Dec 4, ’23 = precise date; Dec 4 – 6 = daily cycles).”
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.