Gold & Silver Trading; March 8 Buy Signal Corroborates March 3 Weekly Signal.
03-08-23 – Silver’s Jan ‘23 peak fulfilled its multi-month upside target (24.50 – 24.68/SIH) and set the stage for a multi-month correction. Both dropped to downside price targets with Silver dropping below support while Gold continues to hold its 2 – 4 week downside target (and 1 – 2 month support) at ~1820/GCJ. That led to an early-March rally… projecting a future high in early-May ‘23.
That is when the next 1 – 2 month peak is most likely. A high in early-May ‘23 would fulfill a ~4-month low-high-(high) Cycle Progression in Silver and a ~3-month low-high-(high) Cycle Progression in Gold. The recent high has also seen Silver create a ~2-month low-low-high-high-(high) Cycle Progression that projects a future intermediate peak in early-May ’23.
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. And that would arrive ~6-months/~180 degrees before a more significant cycle peak in early-Nov ’23 (see March ’23 INSIIDE Track for add’l details).
This week’s sell-off is highlighting the daily trend divergence in Gold & Silver – spurring Silver to new lows (its daily downtrend could not turn up) and Gold to a retest of its low while twice neutralizing its daily uptrend. As long as Gold does not give a daily close below 1813.4/GCJ, its daily trend would project a new rally.
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The XAU & HUI are retesting their lows as they complete 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 recurs on Feb 24 – Mar 10, ’23. Similar to Gold, these indexes reversed their daily trends up (while rallying into March 6) and have just twice neutralized those uptrends while retesting their late-Feb lows.
As long as they do NOT give daily closes below [reserved for subscribers] these indexes could continue to trace out a bottom and reverse higher.”
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.
They are poised to set multi-month (secondary) bottoms now, completing ‘2’ or ‘B’ wave pullbacks (following the initial impulse waves from the Sept & Nov ’22 lows) and setting the stage for strong rallies in March/April ’23… 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 strong rally to new intra-year highs to follow. Gold triggered a convincing weekly buy signal on March 3, ’23 and has just triggered a corroborating daily buy signal on the March 8 close… validating analysis for the onset of 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.