Gold Wave Structure Portends (Substantial) Additional Upside.
10-28-23 – “Gold & Silver are rallying, fulfilling ongoing analysis (since May ’23) for an October ’23 surge…That is fulfilling a myriad of cycles, including a unique symmetry of accelerated rallies, creating a ~19.25-month Cycle Progression linking ‘parabolic-like’ advances beginning in mid-July ’20, late-Feb ’22 & early-Oct ’23.
Monthly 21 MARCs also identified Oct ’23 as the ideal time for Gold & Silver to rally sharply. In July & Aug ’23, that was corroborated by weekly 21 MARCs identifying the weeks beginning in late-Sept and continuing through October ’23 as the ideal time for Gold & Silver to rally sharply…
Gold has corroborated that with another price/timing indicator – the weekly trend. It has twice neutralized its weekly downtrend and would now turn it up with a weekly close above 2019/GCZ… Reinforcing that, the weekly 21 High MAC would turn up with a rally above 2025/GCZ. Gold has twice closed above that flattening average and would ideally turn it positive in the coming week…
As explained several months ago, a Gold surge like this could be hinting at a geopolitical event in October ’23 – spurring that surge. The Oct 7 attacks in Israel spurred this rally – on the day after Gold triggered an outside-day/2 Close Reversal higher – and the escalation of that conflict (full-on ground invasion of Gaza) could spur a culminating spike.
The ongoing wave structure has convincingly validated the outlook for an initial wave ‘I’ rally into early-May ’23 followed by a wave ‘II’ decline to the 4th wave of lesser degree support before a wave ‘III’ would begin.
The GLD ETF fulfilled that outlook precisely (ETFs act as a continuous contract, smoothing out time premiums) – dropping right to its downside target (168.19/168.35; early-Oct ‘23 low was 168.30/GLD) as Gold & Silver attacked related levels.
That ushered in the ‘1’ of ‘III’ advance – the current 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 Oct 2 – 6, ’23 low in Silver fulfilled a textbook .618 retracement in time – 35 weeks up & 22 weeks down – while fulfilling ~11-week high-high-(low) AND ~15-week low-low-low-(low) Cycle Progressions.
At the same time, price indicators projected a potential surge that still could attack 2070/GCZ… possibly spiking up to its contract high near 2130/GCZ. Silver is expected to reach ~26.00/SIZ as part of this multi-week rally…
A rally to that level would also turn the monthly AND weekly 21 MACs back up. Silver has greater synergy of weekly cycles in early-Jan ’23, so an early-Nov ’23 peak could be just a stepping stone as part of an overall advance…
The XAU & HUI remain bullish and likely to rally to 130 – 133/XAU & 251 – 254/HUI. That would fulfill monthly LHRs (extreme upside targets for October ‘23), weekly 21 High MACs AND MARCs, weekly LHRs (extreme upside targets for these two weeks), .618 rebounds, monthly 40 Low MARCs, and corroborating indicators. November’s LHR is currently at 132.52/XAU, reinforcing that scenario…
Platinum & Palladium remain weak but Platinum is showing signs of bottoming after fulfilling a ~7-week high-low-low-(low) Cycle Progression. A weekly close above 942.0/PLF would confirm.”
Gold & Silver (and XAU/HUI) are fulfilling ongoing projections for a sharp multi-week rally in 4Q ’23 as metals enter the time when major advances are forecast. Middle East War Cycles returned in October ’23 and were powerfully fulfilled, spurring this latest surge in metals. An intermediate high could hold for a few weeks before a new surge takes metals higher in December ’23 & the first half of January 2024.
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.
Why & When is Gold Likely to Attack 2070/GC… and Potentially ~2130/GC?
How Do Early-October ’23 Cycle Lows Reinforce 2024 Outlook?
Why Do They Project Subsequent Surges into Dec ‘23/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.