Gold & Silver Trading; March 8 Daily Buy Signal Confirms March 3 Weekly Signal.
03-11-23 – Gold & Silver are diverging with Gold rallying in fulfillment of its daily trend pattern and March 8 buy signal while Silver continued to correct. Silver peaked in lockstep with its daily cycle highs on Mar 6/7 while Gold extended its rally into daily cycles on March 8 – 10. Gold’s action, leading into that high, shows that it is unlikely to hold as a peak.
Silver remains in a corrective mode after peaking in early-Jan ‘23, while fulfilling weekly & monthly cycles – that portended a multi-month peak – and attacking/holding its 3 – 6 month upside target (24.50 – 24.68/SIH). That set the stage for a 1 – 2 month correction.
That has resulted in Silver dropping into 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 has the potential to perpetuate 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. A low in March ’23 would extend that 180-degree sequence of turning points (mostly lows).
Meanwhile, Gold dropped right to its intermediate downside target (1820/GCJ), triggering a new multi-week buy signal on the March 8 close. At the very least, that should spur a rally into mid-month. However, it is likely to extend that beyond Mar 15.
On March 3, Gold generated an outside-week/2 Close Reversal higher.
On March 10, it reinforced that signal – reinforcing the likelihood for a rally to at least [reserved for subscribers]…
Gold & Silver diverged as Gold held its late-Feb low and reinforced its March 3 weekly (bullish) signals… Silver has, however, 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…
The XAU & HUI retested 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 recurs on Feb 24 – Mar 10, ’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, perpetuating the 18 – 19 week Cycle Progression.”
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 also 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 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 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.