Gold/Silver Shift; Surge into Early-Oct Holds Initial Resistance (1740/GC & 21.00/SIZ).
10/08/22 Weekly Re-Lay – “Gold & Silver initially surged after turning back up on Sept 28, in line with cycles and the 21 MARC indicator. Another surge is likely… This is the time period (beginning in 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.)
In late-Sept, 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 – perpetuating a 66 – 69 day/~9.5 week high (3/08) – low (5/16) – low (7/21) – (low; Sept. 26 – 28) Cycle Progression…
Silver remains likely to reach (at least) ~22.50/SIZ… A rally to that level would equal Silver’s Feb/Mar ’22 rally while testing the 2022 opening range and the highs of late-May/early-June ’22. 22.20/SIZ is the monthly LHR for Oct ’22 while ~22.50/SIZ became an upside range target on Silver’s close above 20.00/SIZ.
Recent action has increased the potential for a spike up to 23.30 – 23.50/SIZ as part of this overall advance (from Sept 1). 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…
Gold turned its daily trend up as & Silver surged and triggered a new range-trading target but neither has yet turned their intra-month trends up… It would take daily closes above 1738.7/GCZ & 21.31/SIZ to turn their intra-month trends up and project higher levels…
Platinum & Palladium remain above their early-Sept lows (like Silver) and continue to move higher after Platinum fulfilled a 12 – 13 week low-low-low-high-high-(low) Cycle Sequence at those lows…
If Platinum can now give a weekly close above 941.2/PLF, it would generate a very positive weekly 21 MAC AND weekly trend signal. In the interim, a daily close above 941.2/PLF is needed to turn the intra-month trend up and spur additional upside.”
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.