Gold & Silver Reinforce Outlook for Rally into May 3 – 5; March 8 Buy Signal Intact.

04-01-23 – Gold & Silver are mixed and could pull back before a rally into early-May… Gold & Silver are hesitating after Gold surged into March 20 (on the latest banking ‘crisis’) and set its highest daily close on March 23 (as the Natural Year began).  Silver also rallied but has continued higher, surging long enough to turn its weekly trend up as it nears the highs of 2023.

While Gold has been in an intra-year uptrend for the past three weeks, Silver would not turn its intra-year trend up until a weekly close above 24.94/SIK.

By turning its weekly trend up, Silver has added another level of confirmation to analysis that it completed a larger-magnitude ‘2’ wave pullback (or ‘B’… both have the same characteristics) in early-March ‘23.

At that 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).  It also perpetuated a ~1-month/28 – 30 day high-high-high-(low; Mar 2 – 6, ‘23) Cycle Progression and has rallied ever since.

This weekly trend reversal often coincides with an initial multi-week peak (usually within days) and a reactive 1 – 3 week pullback… before resuming the prevailing uptrend.  The next intermediate peak is expected in early-May ’23 – fulfilling a ~3-month low-high-(high) Cycle Progression in Gold and a ~4-month low-high-(high) Cycle Progression in Silver.

Gold’s recent peak reinforced that outlook, which would now also be the fulfillment of a corroborating 44 – 47-day low-high-high (Feb 2) – high (March 20) – (high; May 3 – 5) Cycle Progression.  In contrast, Silver could stretch an initial high into April 3/4 and perpetuate a ~30-day/~1-month geometric cycle.

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 INSIIDE Tracks for add’l details).

This action further validates the 1 – 2 year trend, structure and outlook… linked to what was projected to be major lows set in the final third of 2022 – Silver in Sept ‘22 and Gold in Nov/Dec ‘22…

The XAU & HUI turned their weekly trends up, further validating the lows set on Mar 6 – 10, ’23 – in fulfillment of the 21 – 23 week high-high-high-high-low-(low) Cycle Progression that has governed these indexes for a couple years.

That low also fulfilled what the monthly trend had projected.  In Jan ’23, both indexes turned their monthly trends up – a lagging/confirming indicator that often reverses as a market is initially peaking.  In the ideal scenario, that spurs a reactive 1 – 3-month pullback before a new advance – and the resumption of the overarching uptrend – takes hold.

By correcting into early-March, these indexes fulfilled that scenario while reaching downside targets and monthly HLS levels (extreme downside targets for those months).”

Gold & Silver have steadily advanced since fulfilling the 1 – 2 year outlook for lows in Sept ’22 (SI) and Nov/Dec ’22 (GC).  At that time, they 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 in precious metals.  Platinum is signaling something similar.  2023/24 holds the potential for some abrupt surprises (in and out of the markets) for precious metals, with multiple advances projected.

The second advance was expected to begin in early-March ‘23, after metals completed ‘2’ or ‘B’ wave pullbacks (following the initial advances), and to last into early-May ’23 (May 3 – 5) when the next intermediate high is most likely.  Corresponding signals projected strong rallies in March & April ’23… coinciding with the outlook for bottoming Bonds & Notes, Cryptos and other markets.

The XAU & HUI are similar and projected a multi-month low by/on March 6 – 10 – perpetuating 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?  Is a New MAJOR Bull Market in store??

 

Will the Outlook for Bonds (Bottom in ~March ’23) & Interest Rates Concur?

 

 

Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.