Gold & Silver Validating Bullish Cycles; Silver Projects Surge to ~24.50/SI.
11/12/22 Weekly Re-Lay – “Gold & Silver are fulfilling bullish cycles that projected accelerated rallies from Nov 3… 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 and potentially into a convergence of weekly cycles in late-Nov/early-Dec ’22. A rally into Nov 21 – 25 would fulfill a ~6-week low–low-(high) Cycle Progression while matching the 12-week duration of the Dec ’21 – Mar ’22 advance and rebounding 50% of the duration of the Mar – Sept ’22 decline.
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 (potentially in Nov).
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…
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.”
Silver is validating projections for a Sept ’22 shift when a 6 – 12 month (or longer) low was likely and when Silver begins to overtake Gold and sees stronger rallies due to multiple factors. Silver’s initial intermediate advance is projected to take it up to 22.50/SIZ 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 through November. Gold retested its late-Sept ’22 low and held, triggering an intermediate buy signal in the days that followed.
How Soon Could Silver Reach ~24.50/SI Target?
What Does Gold’s 4Q ’22 Cycle Low Portend?
How Does Current Action Corroborate 2023 Outlook??
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.