Gold & Silver Fulfill March 8 Buy Signal; New Buy Signal Needed.
03-25-23 – Gold & Silver surged with Gold rallying in fulfillment of its daily trend pattern after bottoming right near its multi-week downside target (1820/GCJ) and triggering 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… which has reached fruition.
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 has rallied ever since.
In the (now-becoming-front) June contract, Gold reversed its weekly trend up – confirming the late-Feb low as a multi-month bottom while also ushering in the likely time for an initial peak (since this is a lagging/confirming indicator that often reverses near the peak of an initial advance).
Silver cannot do the same until March 31, at the earliest, and it would take a weekly close above 23.71/SIK to do so. It surged to the lower end of its year-opening trading range but would not even neutralize its intra-year downtrend until a weekly close above 23.45/SIK…
Silver is steadily confirming that a secondary low is intact after fulfilling almost all of what would be expected from a larger-magnitude ‘2’ (or ‘B’… both have the same characteristics) wave pullback in early-March ‘23…”
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. 2023/24 holds the potential for some abrupt surprises 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). 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?
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.