Gold & Silver Target Surges to 1900+/GC & ~24.50/SI; XAU to 137.
12/03/22 Weekly Re-Lay – “Gold & Silver are fulfilling the outlook for another (and overall) rally… Price action has been projecting accelerated rallies so these rallies are likely to extend…
Gold just provided two additional reasons to expect a spike high in the coming week – turning its weekly trend up as the weekly 21 MAC is turning up (as soon as Gold ‘prints’ a price above 1774.9/GCG, it will turn its weekly 21 High MAC up on Dec 5).
Those signals are both lagging/confirming ones that project future strength while ushering in the time (often in the ensuing week) for an initial spike high. As a result, a spike high could be seen on Dec 5 – 9. However, as already discussed, Gold’s weekly trend reversal will likely result in higher highs in late-Dec…
A surge to 1903 – 1906/GCG would produce a ‘3’ or ‘c’ wave rally (from the Nov 23 low) that equals the magnitude of the Nov 3 – 15 rally. It would also reach the weekly LHR (1903.9/ GCG) and early-June ’22 peak…
At the same time, Silver has been forecast to surge to 24.50 – 25.00/SIH. However, if Silver (and Gold) are confirming 3 – 6 month bottoms, Silver could also accelerate into the next peak. It built a base from early-Sept until early-Nov – at which point it broke out to the upside – projecting acceleration…
The Nov ’22 INSIIDE Track reiterated this potential and why the early-Sept ’22 low in Silver was likely a major ‘B’ wave low before a 1 – 2 year ‘C’ wave advance:
“Since the early-’21 peak, Silver has declined in a fairly clear 3-wave structure (Feb – Sept ‘21 decline, Sept ‘21 – Mar ‘22 rally, Mar – Sept ‘22 decline) – with the initial decline and rebound each containing 3 waves and the subsequent decline possessing 5.
In Elliott Wave terms, that is a textbook 3-3-5 corrective (‘a-b-c’) wave… with the ’a’ & ’c’ waves ’tending toward equality’. This entire decline (Feb ‘21 – Sept ‘22) could be a larger-degree ‘B’ wave decline of a multi-year, upside ‘A-B-C’ correction, following Silver’s 2011 – 2020 decline.
In other words, if a 1 – 2 year bottom is set near current levels, Silver would likely embark on a new 1 – 2.5-year advance and ultimately exceed its early-’21 high… but not its 2011 peak. That could be clarified by the action between now and year-end.
If Silver continues to hold its early-Sept low through year-end (even if Gold drops to a new low and creates a divergent bottom), it would increase the chances for a larger-magnitude advance in 2023.”
Gold did drop to a new low and created that divergent bottom while fulfilling its own cycles. All of that reinforces the potential for a major rally in Silver.
The XAU & HUI remain on track for surges to up to (or above) upside targets at 130 – 137/XAU & 245 – 251/HUI… Both indexes are turning their weekly 21 High MACs up – another confirmation that a multi-month bottom is firmly intact. That reversal often precedes or coincides with an initial peak but usually after a spike high has transpired.
That spike high appears to still be unfolding and could lead to [reserved for subscribers]”
Silver is confirming analysis for a 6 – 12 month (or longer) low in Sept ’22 (a 1 – 2 year uptrend could follow) and an initial multi-month advance to 24.50 – 25.00/SI before the end of 2022. Gold retested its late-Sept ’22 low and held in early-Nov, triggering an intermediate buy signal in the days that followed. This ~2-month lag has intriguing ramifications for 1Q ’23.
The XAU & HUI are corroborating this outlook and on track for surges above 130/XAU & 250/HUI. Platinum is showing similar signs of developing strength and should rally through November, potentially surging above 1100/PL.
What Does Gold’s 4Q ’22 Cycle Low Portend into 1Q ‘23?
How Could This Impact Cycle Highs in Jan & late-Feb/early-March ’23?
What Should Follow Projected Silver Surge to ~24.50/SI?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.