Gold Reinforces (Minimum) Upside Target at ~2078/GCZ.
11-04-23 – “Gold & Silver are rallying, fulfilling ongoing analysis (since May ’23) for an October ’23 surge… If Gold can rally above 2024/GCZ and close above 2019.7/GCZ this week, it would turn its weekly trend AND weekly 21 MAC positive…
Reinforcing that, Gold’s weekly LHR is again at 2070/GCZ – the primary upside price target for this October/November surge…
The rally from early-March into early-May ‘23 saw Gold gain about 246.0/GCZ. A similar-magnitude rally from the early-Oct ’23 low of 1823.5/GCZ projects a (minimum) surge to/above 2069.4/GCZ.
2072/GC is the continuous-contract high set in early-March ’22 AND early-May ’23… a level that should ultimately be exceeded. In 2020 & 2022, Gold began sharp 3 – 5-week, 14 – 15% surges.
A 14% surge now projects a rally to 2078/GCZ.
Since this is perceived to be the time and place for a more powerful rally, 2078/GCZ is merely the minimum upside objective for this latest rally in Gold.
This multi-week surge is fulfilling a myriad of cycles, including a unique symmetry of accelerated rallies – timing a ~19.25-month Cycle Progression linking ‘parabolic-like’ advances that began in mid-July ’20, late-Feb ’22 & early-Oct ’23.
At the same time, long-term decennial and geometric cycles are focused on 2023 – 2025 as a likely time for a major rally in Silver (see Nov ’23 INSIIDE Track for details).
The Oct 2 – 6, ’23 low in Silver fulfilled a textbook .618 retracement in time – 35 weeks up & 22 weeks down – while fulfilling ~11-week high-high-(low) AND ~15-week low-low-low-(low) Cycle Progressions.
Silver is expected to reach 25.40 – 26.00/SIZ as part of this multi-week rally. A rally to that level would also turn the monthly AND weekly 21 MACs back up. Silver has greater synergy of cycles in early-Jan ’23…
The ongoing wave structure has convincingly validated the outlook for an initial wave ‘I’ rally into early-May ’23 followed by a wave ‘II’ decline to the 4th wave of lesser degree support before a (likely) more complex wave ‘III’ would begin.
The GLD ETF fulfilled that outlook precisely (ETFs act as a continuous contract, smoothing out time premiums) – dropping right to its downside target (168.19/168.35; early-Oct ‘23 low was 168.30/GLD) as Gold & Silver attacked related levels.
That ushered in the ‘1’ of ‘III’ advance – the current surge – that should pave the way for future rallies if/when a breakout of Gold’s triple-top occurs (see April 11, ’23 issue of The Bridge for related analysis on this ultimate breakout signal).
Gold & Silver are surging with a peak projected to stretch to ~2070/GCZ, possibly 2130/GCZ, and as high as ~26.00/SIZ…
The XAU & HUI remain bullish and likely to rally to 130 – 133/XAU & 251 – 254/HUI. That would fulfill monthly LHRs (extreme upside targets for October ‘23), weekly 21 High MACs AND MARCs, weekly LHRs (extreme upside targets for these two weeks), .618 rebounds, monthly 40 Low MARCs, and corroborating indicators.
November’s LHR is 132.52/XAU, reinforcing that scenario and creating three successive LHRs at 129.94 – 133.81/XAU. The monthly 21 High MAC is near 131.80/XAU, reinforcing that. They need weekly closes above 119.32/XAU & 233.88/HUI to reverse their weekly trends up…
Platinum & Palladium remain weak but Platinum is showing signs of bottoming after fulfilling a ~7-week high-low-low-(low) Cycle Progression. The weekly close just corroborated that, ushering in a rally that could stretch into early/mid-Dec ‘23.
Copper could be bottoming after fulfilling a ~39-week high-high-(low) Cycle Progression. It gave an outside-week/2 Close Reversal higher and has twice neutralized its weekly downtrend. A weekly close above 3.71/HGZ would confirm a multi-month low.”
Gold & Silver (and XAU/HUI) are fulfilling ongoing projections for a sharp multi-week rally in 4Q ’23 as metals enter the time when major advances are forecast. Middle East War Cycles returned in October ’23 and were powerfully fulfilled, spurring this latest surge in metals. An intermediate high could hold for a few weeks before a new surge takes metals higher in December ’23 & the first half of January 2024.
The action since late-2022 is powerfully validating the onset of a new 40-Year Cycle of Currency War in which Gold & Silver possess unique potential for late-2023 – late-2024! This should have a dramatic impact on the US Dollar and could coincide with a pullback in interest rates.
Why & When is Gold Likely to Attack ~2070/GC… and Potentially ~2130/GC?
How Do Early-October ’23 Cycle Lows Reinforce 2024 Outlook?
Why Do They Project Subsequent Surges into Dec ‘23/Jan ’24?
Refer to the April 11, 2023 special issue of The Bridge – Gold, Silver and Elliott Wave Structure – and subsequent reports – for expanded analysis and charts as well as discussion on why, how & when Gold is most likely to break out to the upside following a multi-year ‘flat correction’.
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.