Gold/Silver Shift; Initial Resistance (1740/GC & 21.00/SIZ) Attacked.
10/05/22 Weekly Re-Lay Alert – “Gold & Silver are confirming signs of a new rally with Silver leading the way…This is the time period (beginning Sept ‘22) when Silver has been forecast to become more of a leader and overtake Gold with respect to its advances.
That was expected to occur with Silver undergoing a powerful, multi-week rally in Sept ‘22 – leading into an initial peak. Silver began that rally in the first half of Sept but has stretched the most accelerated portion of that surge into the first part of October – a little beyond what was originally expected. (The weekly trends will determine what to expect after this surge.)
Last week, these metals set divergent lows, with Silver pulling back to a higher (‘b’ or ‘2’ wave) low as Gold dropped to new lows before rallying. In the process, Gold fulfilled a key intermediate cycle…
Since early-March ‘22, Gold’s entire decline has unfolded in a 66 – 69 day/~9.5 week high (3/08) – low (5/16) – low (7/21) Cycle Progression that projected a multi-week low for Sept. 26 – 28 (and then early-Dec ’22 when a ~9.5 month Cycle Progression also recurs; that is also when Gold would retrace 50% – or 28 months – of its 56-month advance into Aug ‘20).
Gold & Silver bottomed on Sept 28 and then rallied into Friday.
Silver remains likely to rally to ~22.50/SIZ or higher… That would equal Silver’s Feb/Mar ’22 rally while testing the 2022 opening range and the highs of late-May/early-June ’22…
A weekly close above 22.20/SIZ would be necessary to neutralize the intra-year downtrend and potentially elevate this rebound to a higher magnitude advance.”
Silver is steadily validating what has been discussed throughout this year – that Sept ’22 would usher in the time when Silver begins to overtake Gold (shift in Gold/Silver ratio) 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 into/through November.
What Does (Potential) Shift of Gold/Silver Ratio 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.