Gold/Silver Shift on Track; Gold Poised to Retest Low… Nov 4 Begins Bullish Phase
11/02/22 Weekly Re-Lay Alert – “Gold & Silver continue to vacillate just above their lows, needing daily closes above 1675.5/GCZ & 19.77/ SIZ to exhibit additional strength. Gold has been in a bottoming phase since fulfilling a 66 – 69 day/~9.5 week high (3/08) – low (5/16) – low (7/21) – (low; Sept. 26 – 28) Cycle Progression.
They need to turn their intra-month trends up – with daily closes above the Nov 1 – 3 trading ranges on any day after Nov 3 – to validate the potential for rallies into mid-Nov (with Silver capable of eventually stretching that rally into late-Nov, when weekly cycles converge).
The XAU & HUI are mired in 3-month trading ranges with the potential to rally into Nov 7 – 18, ’22 when weekly cycles converge. The intra-month trends need to turn up in order to confirm that scenario.”
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 through November.
What Does (Potential) Shift of Gold/Silver Ratio Portend?
Could Platinum Surge with Silver?
How Does Current Action Corroborate 2023 Outlook??
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.