Gold/Silver Trigger New Buy Signals; Project Surge to ~2130/GC into December 4th!
11-20-23 – “Gold & Silver are surging again after correcting into daily cycle lows – most synergistic on Nov 10/13 – as Gold attacked and held its weekly HLS at 1937/GCZ while Silver completed a 50% retracement of its initial advance.
That low fulfilled a 26 – 29 trading day high-high-high-high-low-(low) Cycle Progression and paved the way for Silver to rally into early-Dec ’23 – when a ~7-month/~30-week high-high-high-(high) Cycle Progression recurs on Dec 1 – 8, ’23.
Silver’s mid-October ’23 high reinforced analysis for a subsequent high to emerge in mid-January 2024. A rally into the middle half of January 2024 would perpetuate a ~36-week low-low-low-high-(high) Cycle Progression as well as a .618 rebound in time (22 weeks down, 14 weeks up).
From a broader perspective, long-term decennial and geometric cycles are focused on 2023 – 2025 as a likely time for a major rally in Silver (see November ’23 INSIIDE Track for details).
The Sept 2022 low was expected to be a multi-year low and the recent Oct 2 – 6, ’23 low was likely the end of Silver’s wave II retracement. It fulfilled a textbook .618 retracement in time – 35 weeks up & 22 weeks down – as well as ~11-week high-high-(low) AND ~15-week low-low-low-(low) Cycle Progressions.
That ushered in the ‘1’ of ‘III’ advance – the October ‘23 surge – that should pave the way for future rallies if/when a breakout of Gold’s triple-top occurs (see April 11, ’23 issue of The Bridge for related analysis on this ultimate breakout signal).
The ‘2’ of ‘III’ pullback bottomed on Nov 13 and ushered in the ‘3’ of ‘III’ advance… often the most dynamic move within an overall uptrend.
Silver did see a surge to ~24.40/SIH last week, its weekly LHR, fulfilling near-term projections. It could see an overall rally to 25.77/SIH (ideally by/on Nov 30, ’23), where its monthly LHR intersects its late-August ’23 high (2 – 3 month resistance). That could lead into the next expected peak in early-Dec ’23
Silver is already validating the potential for a second accelerated advance in the weeks surrounding Nov 20 – 24, ’23 – the most likely time for its weekly 21 MAC to turn up (due partially to the declining 21 MARC). Gold is in a similar situation after spiking down to its weekly 21 Low MAC. The daily 21 MACs are corroborating.
That spurred an immediate reversal back up with Gold closing the week above its flattening weekly 21 High MAC. That is the ideal (‘textbook’) pattern leading into a reversal of that channel, which is very likely in the coming week when Gold only needed to rally above 1981.0/GCZ to turn the weekly 21 High MAC up. It has just done that.
That is what has been necessary to trigger a second accelerated advance in Gold, which could see a quick surge to ~2055.0/GCZ – its weekly LHR. Ultimately, this latest rally could prompt Gold to attack and/or exceed its 2023 high at 2129.0/GCZ.
A rally to ~2132/GCZ would create equal-magnitude rallies from the early-Oct ’23 multi-month cycle low. If this rally extends into – and peaks on – December 4 – 8, 23, Gold would fulfill a ~31-week low-high-(high) Cycle Progression from its 2022 low AND complete equal-duration rallies from the early-Oct ’23 cycle low (Dec 4, ’23 = precise date).”
Gold & Silver (and XAU/HUI) are fulfilling ongoing projections for a second sharp multi-week rally in 4Q ’23, projected to stretch into early-December ’23 & propel Gold back to its early-May ’23 peak (~2130/GCZ) – where other upside targets converge. If fulfilled, that would have a powerful impact on other key markets that have been discussed in related analysis.
The action since late-2022 is powerfully validating the onset of a new 40-Year Cycle of Currency War in which Gold & Silver possess unique potential for late-2023 – late-2024! This should have a dramatic impact on the US Dollar and could coincide with a pullback in interest rates. Early-December could/should provide the next corroboration to that outlook.
Why is Gold Likely to Attack ~2130/GC in early-December ‘23?
How Do October & November Lows Reinforce 4Q ‘23/1Q ‘24 Outlook?
Why Do They Project Surges into early-Dec ’23 & early/mid-Jan ’24?
Refer to the April 11, 2023 special issue of The Bridge – Gold, Silver and Elliott Wave Structure – and subsequent reports – for expanded analysis and charts as well as discussion on why, how & when Gold is most likely to break out to the upside following a multi-year ‘flat correction’.
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.