Gold Poised for Early-Dec High & Brief Pullback; New Surge into Late-Dec Likely!
11/20/22 INSIIDE Track – “Gold & Silver are steadily showing signs of a bottom with Gold likely to exceed 1850/GCG and Silver to exceed 24.50/SIH… They surged into Nov 11/14 and triggered new signals in the process… projecting a second surge (into early-Dec ’22) after a brief pullback.
Gold & Silver are validating multiple factors that projected multi-month rallies from recent lows. That coincides with Gold completing successive declines of ~equal duration (7 months each) while setting its late-Sept ’22 low… and reaching downside extremes.
More importantly, Gold’s 4-Shadow Signal of July/Aug ’22 projected a subsequent drop to new lows (which occurred in Sept & Oct ’22) followed by the largest rally since the Mar ’22 peak.
Gold has been on track to extend this rally into the latest phase of an ~8-week high-high-high-(high) Cycle Progression – projecting a peak by/on Dec 2/5… corroborating Silver’s weekly cycles that also peak in early-Dec ‘22.
Daily cycles corroborated that and projected surges from Nov 23 into Dec 2/5. If fulfilled, and if Gold turns its weekly trend up on Dec 2 (with a weekly close above 1791.8/GCZ), a brief pullback could yield to a subsequent rally into year-end that would fulfill Gold’s 41 – 42-week high-high-high-(high) Cycle Progression.
From a price perspective, this latest rally has been forecast to catapult Silver above 23.00/SI and quickly to 24.50 – 25.00/SIH. (Gold is forecast to reach 1840 – 1850/GCG, at a minimum. The action of Dec 1 & 2 should clarify if metals can surge even higher before an early-Dec ‘22 peak is set.)
Since early-July, Silver has traced out an inverted head-and-shoulders with the neckline at ~21.00/SIH (left shoulder = July 14 penultimate low, head = Sept 1 ultimate low, right shoulder = Oct 14 secondary low) and the resulting upside target at ~24.50/SIH.
24.68/SIH is also where Silver initially found support after its early-March peak. And 25.02/SIH is final intra-year trend resistance (Jan ’22 high).
Today’s Weekly Re-Lay Alert elaborates on why Gold & Silver are expected to experience an accelerated surge… and produce another affirmation of the 90/10 Rule of Cycles. Mining shares have similar potential for early-Dec ‘22…
The XAU & HUI have rallied since dropping into Sept ’22, fulfilling a ~5-month (21 – 23 week) high-high-high-low Cycle Progression as the HUI matched the duration of its Aug’16 – Sept ’18 decline. That set the stage for a multi-month low with the ongoing outlook for a surge to 130 – 137/XAU & 245 – 251/HUI.
They also projected an accelerated surge this week (Nov 28 – Dec 2/5). Some of the individual mining shares are providing additional timing clues for when the next intermediate high is most likely. Shares like AEM and others have the greatest synergy of cycles converging on [reserved for subscribers]…
Among other factors, a rally into that week would complete successive rallies of 11, 12 & 12 weeks while rebounding 50% of the preceding ~23-week decline. While an individual stock does not govern the overall index, it sometimes provides important clues with respect to timing. The first level of validation would occur if mining shares surge on Dec 1/2 and indexes attack their initial upside targets.
Platinum has rallied after fulfilling a 12 – 13 week low-low-low-high-high-(low) Cycle Sequence at its early-Sept lows. Its early-Nov action projected an overall advance into the next phase of that cycle in late-Nov/early-Dec ’22. That corroborates the potential for a subsequent peak in late-Feb ’23 – the same time when other 90/180/360-degree cycles come into play. This has intriguing parallels to 1Q 2022.
This rally also fulfills a 50% rebound in time (25 wks down/12.5 wks up) and exceeds the duration of its previous rally – coinciding with bullish action in its weekly 21 High MAC & MARC, described last month. That was/is projected to spur a quick rally above 1040/PLF and potentially as high as ~1130/PLF – its range-trading target.
Palladium remains in a ~6-month trading range between ~1800 & ~2300/PAZ. This could remain the case through the month of December.
Copper continues to gain ground after plunging to test and hold 2017/2018 peaks (resistance turned into support). That set the stage for a multi-month bottom and projected a rally back to 4.000 – 4.100/HG, which is still unfolding.”
Gold & Silver are reinforcing the outlook for an overall advance into 1Q ’23 with the potential to surge as high as 1825/GC & 24.50 – 25.00/SI before the end of 2022. A brief spike high is likely on Dec 2/5, followed by a quick pullback… before a new surge into year-end emerges. Copper and Platinum are showing similar signs of developing strength and should rally into at least Jan ‘23. Gold is confirming a 3 – 6 month (or longer) bottom and could surge above 1900/GC into 1Q ’23.
What Would 2022 Test of 1825/GC & 24.50/SIH Mean for 2023?
Will Platinum AND Copper Surge with Silver… into early-Jan ‘23?
What About Gold… and its Outlook into Late-‘23?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.