Gold/Silver Poised for Mid-Nov Peak; New Surge Expected… 2022 Test of 24.50/SI Likely!
11/16/22 Weekly Re-Lay Alert – “Gold & Silver surged into Nov 15/16 with Silver completing successive advances of equal duration (33 days each; Sept 1 – Oct 4 & Oct 14 – Nov 16) and initially peaking ~3 months from its Aug 15 – 19 ’22 high. In order to confirm new/greater strength, it would need to set new highs in the coming days and exceed the duration of the previous advance.
On a broader, weekly cycle basis, Silver remains likely to stretch this overall advance (from Sept 1) into a convergence of weekly cycles on [reserved for subscribers]…
If Silver can produce a quick pullback to 21.31/SIZ (possibly spiking down to ~21.00/SIZ), the level of its previous high and the recent breakout point, and holds – it would likely see a quick, accelerated surge to/above 24.00/SIZ.
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. It fulfilled projections for an initial rally above 1040/PLF that could ultimately spur a surge to ~1130/PLF.
The XAU & HUI have rallied back to their 2021 lows – key levels of support turned into resistance. They recently turned their weekly trends up, increasing the likelihood that resistance will soon be exceeded. They pulled back to, and held, daily HLS levels on Nov 15 – signaling that another brief rally could soon unfold…
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.”
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.