Gold & Silver Trading; March 3 Weekly Buy Signal Spurs Multi-Week Surge.
03-18-23 – Gold & Silver are surging with Gold rallying in fulfillment of its daily trend pattern (turned neutral but not down, corroborating the March 3 bullish weekly signal) and March 8 buy signal – reinforcing the potential for a new rally.
At the same time, Silver spiked to new ~4-month lows and fulfilled a ~6-month high-high-(low) Cycle Progression while completing a 50% retracement in time (4 months/18 weeks up, 2 months/9 weeks down). That also perpetuated an ongoing ~6-month/~12-month cycle in Silver that has resulted in 3 – 6 month or 6 – 12 month lows in March & Sept ’20, March & Sept ’21 and Sept ’22… with an intervening peak in March ’22.
Gold bottomed right near its multi-week downside target (1820/GCJ) and triggered a new multi-week buy signal on the March 8 close. That reinforced the impact of its March 3 outside-week/2 Close Reversal higher – a 2 – 3 week buy signal.
Gold has neutralized its weekly downtrend twice, reinforcing the outlook for it to extend this rally into March 20 – 24 (the soonest that Gold could turn its weekly trend up… a lagging and confirming indicator). It would take a weekly close above 1993.7/GCJ to turn the weekly trend up.
Silver, in contrast, could not do the same until March 31… at the very earliest. It fulfilled the outlook for a test of 22.30 – 22.50/SIK (weekly LHR, 50% rally, recent range resistance) but would not even neutralize its intra-year downtrend until a weekly close above 23.45/SIK…
Gold & Silver have surged on the heels of Gold’s March 3 weekly bullish signal and March 8 daily buy signal… Silver is not as strong, on a near-term basis, but has fulfilled almost all of what would be expected from a larger-magnitude ‘2’ (or ‘B’… both have the same characteristics) wave pullback and entered the ideal time for a new 1 – 2 month rally. Pivotal resistance should be encountered around 23.00/ SIK – the Jan ’23 low.
The XAU & HUI have surged and neutralized their weekly downtrends (for the first time) after retesting and holding their lows as they completed the ideal time frame for a low – fulfilling a 21 – 23 week high-high-high-high-low-(low) Cycle Progression that helped pinpoint the Sept ’22 low and culminated on Mar 6 – 10, ’23.
That was projected to spur a quick rally to ~125/ XAU & ~240/HUI, which has just been fulfilled. A multi-week high is likely in the coming days, the latest phase of an ~8-week high-high-high-(high) Cycle Progression, and could occur near monthly resistance levels (127.12 – 130.71/XAU & 247.63 – 256.51/HUI). The weekly trend should go a long way in revealing what to expect in 2Q ’23.
Platinum & Palladium are diverging (again) after Platinum sold off into late-Feb ’23 – when 90/180 /360-degree cycles came into play – fulfilling a ~6-month high-low-(low) Cycle Progression and a 50% retracement in time (18 wks up/9 wks down).
In Feb ’23, Platinum plunged to its monthly HLS (extreme downside target for Feb ‘23) at ~905.0/PLJ, where a low was most likely. That was also near the levels of the Sept & Dec ’21 lows – creating the potential for an Inverted Head and Shoulders pattern on a 1 – 2 year basis.
The next multi-month high is likely in early/mid-May ‘23, the next phase of the 18 – 19 week low-low-low-low-high-(high) Cycle Progression that pinpointed the early-Jan ’23 peak. However, Platinum needs to give a weekly close above 1012.0/PLJ to turn its weekly trend up and confirm that a multi-month bottom is intact.”
Gold & Silver fulfilled the 1 – 2 year outlook for lows in Sept ’22 (SI) and Nov/Dec ’22 (GC) and 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. Platinum is signaling something similar.
They are validating projections for multi-month (secondary) bottoms in early-March ‘23, completing ‘2’ or ‘B’ wave pullbacks (following the initial advances from the Sept & Nov ’22 lows) and portending strong rallies in March/April ’23… coinciding with the outlook for bottoming Bonds & Notes.
The XAU & HUI are similar and projected a multi-month low by/on March 6 – 10 – during the latest phase of 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?
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.