Gold/Silver Poised for New Surges to 1825/GC & 24.50/SI… Ideally into Early-Jan ‘23.
12/07/22 Weekly Re-Lay Alert – “Gold & Silver fulfilled the outlook for another rally into early-Dec ‘22 but remain capable of surging to new highs during the current week. They continue to build the case for a major low being set – in Sept ’22 for Silver and 4Q ’22 (Nov ’22) in Gold.
Ultimately, Gold could extend this rally into late-Dec and fulfill a 41 – 42-week high-high-high-(high) Cycle Progression… and it could spike much higher. A surge to 1903 – 1906/GCG would produce a ‘3’ or ‘c’ wave rally (from the Nov 23 low) that equals the magnitude of the Nov 3 – 15 rally.
At the very least, it has been forecast to reach ~1835 – 1845/GCG. In recent months, Gold has set its own trading ranges with borders/parameters at ~1640, ~1740 & ~1840/GCG. The late-Nov action reinforced that – pulling back to ~1740/GCG and reversing higher. That was/is expected to spur a rally to ~1840/GCG.
That upside target is corroborated by Gold’s LLH at 1834.7/GCG (1632.3 Low – 1733.5 Low – 1834.7/GCG High). Monthly resistance for Dec ’22 is reinforcing that range – emerging around 1847/GCG. The 2021 yearly close (1843.9/GCG) and Jan ’22 year-opening range (1802.8 – 1859.3/GCG) concur.
At the same time, Silver has been forecast to surge to 24.50 – 25.00/SIH. It could stretch its advance into Dec 30 – Jan 6, ’23 – the latest phase of a ~6-week high-high-high-high-low-low-low-low Cycle Progression that timed the early-Sept ’22 major low and subsequent Oct 14 and Nov 21 lows.
That should now invert and time a ~6-week (most current phases have ranged from 39 – 42 days) rally into Dec 30 – Jan 6, ’23.
If Silver (and Gold) are confirming 3 – 6 month (or 6 – 12 month) bottoms, Silver could also accelerate into the next peak. It built a base from early-Sept until early-Nov – at which point it broke out to the upside – projecting acceleration.
Similar to Gold, Silver could surge much higher as confirmation to the outlook for a new 6 – 12 month advance from late-’22 into late-’23. The Nov ’22 INSIIDE Track reiterated this potential and why the early-Sept ’22 low in Silver was likely a major ‘B’ wave low before a 1 – 2 year ‘C’ wave advance:
The new intra-month trends should hold the key for the short term. It would take daily closes above 1822.9/ GCG & 23.69/SIH (before daily closes below 1778.1/ GCG & 22.24/SIH) to turn the new intra-month trends up and corroborate this bullish outlook.
The XAU & HUI remain on track for surges to up to (or above) price targets at 130 – 137/XAU & 245 – 251/HUI… Both indexes are turning their weekly 21 High MACs up – another confirmation that a multi-month bottom is firmly intact.”
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. Silver cycles portend a new rally into (at least) Jan 3 – 6, ’23. 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.