Gold/Silver Nov 13th Lows Project New Surges into Early-December ’23!
11-15-23 – “Gold & Silver are surging again after correcting into daily cycle lows – most synergistic on Nov 10/13 – as Gold attacked and held its weekly HLS at 1937/GCZ while Silver completed a 50% retracement of its initial advance. That low fulfilled a 26 – 29 trading day high-high-high-high-low-(low) Cycle Progression and paved the way for Silver to rally into early-Dec ’23.
Silver’s mid-October ’23 high reinforced analysis for a subsequent high to emerge in mid-January 2024. A rally into the middle half of January 2024 would perpetuate a ~36-week low-low-low-high-(high) Cycle Progression as well as a .618 rebound in time (22 weeks down, 14 weeks up).
From a broader perspective, long-term decennial and geometric cycles are focused on 2023 – 2025 as a likely time for a major rally in Silver (see November ’23 INSIIDE Track for details).
The Sept 2022 low was expected to be a multi-year low and the recent Oct 2 – 6, ’23 low was likely the end of Silver’s wave II retracement. It fulfilled a textbook .618 retracement in time – 35 weeks up & 22 weeks down – as well as ~11-week high-high-(low) AND ~15-week low-low-low-(low) Cycle Progressions.
That ushered in the ‘1’ of ‘III’ advance – the October ‘23 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).
The ‘2’ of ‘III’ pullback bottomed on Nov 13 and ushered in the ‘3’ of ‘III’ advance.
Silver could see a near-term surge to ~24.40/SIH – its weekly LHR – and ultimately up to 25.77/SIH (potentially by/on Nov 30, ’23), where its monthly LHR intersects its late-August ’23 high (2 – 3 month resistance).
That could lead into the next expected peak in early-Dec ’23 – when a ~7-month/ ~30-week high-high-high-(high) Cycle Progression recurs on Dec 1 – 8, ’23.
Silver is already validating the potential for a second accelerated advance in the weeks surrounding Nov 20 – 24, ’23 – the most likely time for its weekly 21 MAC to turn up (due partially to the declining 21 MARC).
The XAU & HUI remain on track for a 4Q ‘23 rally to 130 – 133/XAU & 251 – 254/HUI. November’s LHR is 132.52/XAU, reinforcing that scenario, creating three successive LHRs at 129.94 – 133.81/XAU. The monthly 21 High MAC is near 131.80/XAU. [December’s current monthly LHR is at 132.31/XAU but could rise if a higher intra-month high is set in November.]…
Both indexes are creating forms of Inverted Head & Shoulders as they trace out what are likely wave ‘2’ (of III) declines and subsequent wave ‘3 of III’ advances. The Nov 13 low fulfilled a ~6-week low-low-low-(low) Cycle Progression and would be confirmed with a daily close above 112.73/XAU.
On a broader basis, they need weekly closes above 119.32/XAU & 233.88/HUI to reverse their weekly trends up and confirm the early-October ’23 cycle lows.”
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. A new surge is expected to take hold in the coming week and trigger rallies into early-December ’23 & ultimately into 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 November 13th Cycle Lows Reinforce 4Q ‘23/1Q ‘24 Outlook?
Why Do They Project Subsequent Surges into early-Dec ’23 & early/mid-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.