Gold/Silver Projecting Surges into Early-Jan ’23; 1825/GC & 24.50/SI Likely by/in Late-Dec.
12/10/22 Weekly Re-Lay – “Gold & Silver fulfilled the outlook for another rally into early-Dec ‘22 but remain capable of surging to new highs – potentially stretching into mid-month.
They continue to build the case for a major low being set – in Sept ’22 for Silver and 4Q ’22 (Nov ’22) in Gold – the early stages of what could be a new 6 – 12 month (possibly 1 – 2 year) advance.
On an intermediate basis, Gold could extend this rally into late-Dec and fulfill a 41 – 42-week high-high-high-(high) Cycle Progression (even if it sets an initial high in the coming week).
Silver is similar, expected to stretch its advance into Dec 30 – Jan 6, ’23 – the latest phase of a ~6-week high-high-high-high-low-low-low-low-(high) 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.
The coming week is the midpoint and would reinforce that ~6-week cycle with an initial spike high on Dec 12 – 16 – the latest phase of a corresponding ~3-week/17 – 21-day low-low-low-low-(high) Cycle Progression that would project a subsequent high ~3 weeks later – on Dec. 30 – Jan 6, ’23.
That overall advance, if fulfilled, could see Gold surging to 1903 – 1906/GCG and producing a ‘3’ or ‘c’ wave rally (from the Nov 23 low) that equals the magnitude of the Nov 3 – 15 rally.
Though Silver’s 2 – 3 month wave structure is much different than Gold’s, it could also match the magnitude of its previous (Nov 3 – 15) rally – but likely do it sooner – with a rally to ~24.30/SIH. Both metals, but particularly Silver, remain in the time when an accelerated spike higher is still likely.
On a near-term basis, Gold remains on track to reach ~1835 – 1845/GCG – where multiple targets converge. In recent months, Gold has set 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 (~1847/GCG) and the 2021 yearly close (1843.9/GCG).
The Jan ’22 year-opening range (1802.8 – 1859.3/GCG) concurs. At the same time, Silver has been forecast to surge to 24.50 – 25.00/SIH.
Both Gold & Silver could ultimately 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 rally…
The XAU & HUI remain on track for overall advances up to (or above) price targets at 130 – 137/XAU & 245 – 251/HUI.
The XAU has its latest two weekly LHRs at 135.28 – 138.81, a little above its Jan ’22 high (intra-year trend resistance) and just below its monthly 21 High MAC and a .618 rally target (140.28 – 140.35/XAU).
Both indexes turned their weekly 21 High MACs up – another confirmation that a multi-month bottom is firmly intact. That reversal often precedes or coincides with an initial peak – which may have been seen in early-Dec…
Platinum & Palladium pulled back to begin the month and then reversed back up, with Platinum maintaining its daily uptrend. Palladium just turned its daily AND intra-month trends up, at the same time, projecting further upside in the coming week.
Copper remains capable of seeing an overall advance to ~4.100/HG and is likely to stretch this multi-month advance into early-Jan ’23 – the next phase of a ~10-month high-high-high-(high) Cycle Progression.”
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. (That is projected to be the first multi-month rally as part of a larger, overall advance.) 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.