Gold/Silver Fulfilling Projected Surge into Nov 14 – 16; 2022 Test of 24.50/SI Likely!
11/12/22 Weekly Re-Lay Alert – “Gold & Silver extended their surges, fulfilling the outlook for a sharp rally into Nov 11 – 16… when the next high is most likely. The intra-month trends project that (initial) high to take hold on Nov 14 – 16.
A rally into Nov 14 or later would exceed the duration of the July 21 – Aug 10 rally and arrive ~90 & ~60 degrees (~3 and ~2 months) from the Aug 10 & Sept 12 highs. If it lasts into Nov 15/16, as is more likely, Silver would complete successive advances of equal duration (33 days each; Sept 1 – Oct 4 & Oct 14 – Nov 16) and peak ~3 months/~90 degrees from its Aug 15 ’22 high.
Silver has been steadily gaining ground since Sept 1, setting a series of four successively higher lows before beginning to accelerate higher. Gold was lagging, entering a bottoming phase after fulfilling a 66 – 69 day/~9.5 week high (3/08) – low (5/16) – low (7/21) – (low; Sept. 26 – 28) Cycle Progression.
That low has held during two successive tests, ushering in the time (after the first 3 trading days of the new month) when an accelerated rally was most likely. That quickly took hold on Nov 4 and has been unfolding since then.
Silver remains on track for an overall advance from Sept 1 into at least mid-Nov… It just turned its weekly trend up, confirming a multi-month bottom while identifying the coming week as likely for an initial high.
The fact that Silver took longer before breaking above 21.00/SIZ increased the upside potential for that ultimate breakout – likely to spur a quick surge above 23.00/SIZ and ultimately up to 24.50 – 24.90/SIZ…
Since early-July, Silver has also traced out an inverted head-and-shoulders with the neckline at ~21.00/SIZ (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/SIZ. 24.50/SIZ is also where Silver initially found support after its early-March peak…
Gold & Silver are fulfilling analysis for a sharp rally from Nov 3 into mid-month, accelerating higher in line with reversing MACs and other indicators.
The XAU & HUI are rallying after retesting support (and the XAU’s range target near 95.00) and subsequently generating weekly 2 Close Reversal buy signals.
They corroborated that by turning their weekly trends up – pinpointing the coming week as a likely one for an initial high. (In a textbook case, that would be followed by a 1 – 3 week pullback and then a rally to new highs.)
They remain on track to surge into mid-Nov and are expected to set an intermediate high by/on Nov 18, ’22 – perpetuating a ~7-month/29 – 30 week high-low-low-high-(high) Cycle Sequence. If that high stretches into Nov 18, it would arrive exactly 7 months from the April 18, 22 peak.
A shorter-term 22-day (16 trading-day) high-high-high-(high) Cycle Progression projects the next 1 – 2 week high for Nov 17.
Initial upside targets have been at 117 – 120/XAU & 224 – 230/HUI… with extreme upside targets for Nov ’22 at 130 – 137/XAU & 245 – 251/HUI.
Platinum & Palladium remain on divergent paths after Platinum fulfilled a 12 – 13 week low-low-low-high-high-(low) Cycle Sequence at the late-Aug lows and has steadily gained ever since.
Platinum is trading similar to Silver and is also validating the outlook for a strong rally in Nov ’22… as a precursor to an even stronger rally in early-2023.
In recent weeks, Platinum thrice closed above its weekly 21 High MAC and then turned the direction of that average up – reinforcing the outlook for an initial rally above 1040/PLF, ideally to ~1130/PLF.
Over the next 3 – 4 weeks, the inversely-correlated weekly 21 MARC will continue to plunge, adding more support to the corresponding weekly 21 MAC.
Platinum has a 12 – 13 month low-low-low-low-high-high-high-(high; Mar/Apr ’23) Cycle Progression that portends the next multi-month peak in ~April ’23.
Palladium remains in a ~6-month trading range between ~1800 & ~2300/PAZ. This could remain the case through the month of November.
Copper is surging and remains on course for an overall advance toward its ~4.100/HGZ upside target.”
Silver is reinforcing the outlook for an overall advance into 1Q ’23 with the potential to surge as high as 24.50 – 25.00/SI before the end of 2022. Platinum is showing similar signs of developing strength and should rally, on balance, into Jan ‘23 and ideally March ‘23. Gold is beginning to confirm a bottom (monthly cycles bottom in 4Q ’22) and could surge above 1900/GC into 1Q ’23.
What Would 2022 Test of 24.50/SIH Mean for 2023?
Will Platinum AND Copper Surge with Silver?
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.