Silver Fulfilling Mid-Oct ’23 Cycle High; Projects Future Peak in January 2024.
10-21-23 – “Gold & Silver have surged in Oct ’23, fulfilling multiple cycles & indicators… As explained throughout the past ~5 months, that was due to a myriad of cycles, wave expectations & price indicators (i.e. 21 MARCs) – as well as the 90/10 Rule of Cycles – most of which would not turn positive until late-Sept or early-Oct ’23…
- Monthly & weekly cycles projected ‘the majority of Gold & Silver’s next advance’ (following its March – May ’23 advance) to take place in the final weeks of the cycle primarily in October ’23.
- A Cycle Progression of accelerated moves (Mid-July ’20 – Late-Feb ’22 – Early-Oct ’23 = equidistant ~19.25-month intervals between accelerated rallies) identified early-Oct ’23 as the ideal time for a sharp surge to begin.
- Monthly 21 MARCs identified Oct ’23 as the ideal time for Gold & Silver to rally sharply…
At the same time, Gold & Silver are paralleling the action of 2016 (when the previous wave ‘I’ & ‘II’ of a larger-magnitude advance unfolded… similar to what is perceived to be occurring now).
In 2016, Gold & Silver rallied for 7 – 8 months before selling off for the ensuing ~5 months.
In 2022/2023, Gold & Silver rallied for 7 – 8 months before selling off for the ensuing ~5 months.
In 2016, Gold retraced 70 – 75% of its initial rally during that ~5-month sell-off.
In 2023, Gold retraced 70 – 75% of its initial rally during this ~5-month sell-off.
They dropped to ‘normal’ retracement levels with the GLD ETF dropping right to its 4th wave of lesser degree support (168.19; early-Oct ‘23 low was 168.30/GLD) as Gold & Silver attacked related levels. From a timing perspective, that set the stage for a multi-month (or longer) low in early-Oct ‘23…
The Oct 2 – 6, ’23 low in Silver completed a .618 retracement in time – 35 weeks up & 22 weeks down – while fulfilling an ~11-week high-high-(low) Cycle Progression AND a ~15-week low-low-low-(low) Cycle Progression.
That was the same time of year Gold set its lowest weekly close in 2022 – a 1-year/ ~360-degree cycle from its ~Oct ’22 major bottom.
At the same time, price indicators projected a potential surge that still could attack 2070/GCZ… A similar-magnitude rally from the early-Oct ’23 low of 1823.5/GCZ projects a surge to/above 2069.4/GCZ…
2072/GC is also the continuous-contract high set in early-March ’22 AND early-May ’23. In 2020 & 2022, Gold began sharp 3 – 5-week, 14 – 15% surges from lows of 1807 & 1809/GC. The current rally – on the same continuous-contract weekly chart – began after a low at 1809/GC.
The XAU & HUI gave weekly closes above 116.00/XAU & 224.50/HUI, elevating these rallies to a higher magnitude… A rally to 130 – 133/XAU & 251 – 254/HUI would fulfill monthly LHRs (extreme upside targets for the month of October), weekly 21 High MACs AND MARCs, weekly LHRs (extreme upside targets for the next two weeks), .618 rebounds, monthly 40 Low MARCs, and other corroborating indicators.
This comes after the XAU & HUI set lows in early-Oct ’23, fulfilling similar-magnitude AND duration declines (‘c = a’ on a price & time basis) – likely completing wave ‘II’ declines and setting the stage for a more significant advance to begin taking hold. They (and Gold & Silver) fulfilled a 12.5 – 13.5-month/~54 – 59-week cycle that has created a high (Aug ‘19) – high (Aug ‘20) – low (Aug/Sept ‘21) – low (Sept ‘22) – (low; Oct ’23) Cycle Progression.”
Gold & Silver (and XAU/HUI) are fulfilling ongoing projections (since May ’23) for a sharp multi-week rally in 4Q ’23 as metals begin to enter the time when major advances are forecast. Middle East Cycles collide in Oct ’23 and were powerfully validated with recent events, spurring this latest surge in metals. Silver cycles are showing that a mid-October ’23 peak 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.
How Did 90/10 Rule of Cycles AND 21 MACs Project Sharp Rally in October ’23?
Why are mid-Oct (Silver) & early-Nov ’23 (Gold) Cycle Highs Critical to 2024 Outlook?
How 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.