Silver & Gold Trading; March 8 Buy Signal Projects New Intra-Year Highs.
03-22-23 – Gold & Silver surged with Gold rallying in fulfillment of its daily trend pattern (triggering March 8 buy signal) on the heels of its March 3 bullish weekly signal. At that time, Silver spiked to new ~4-month lows and fulfilled a ~6-month high-high-(low) Cycle Progression while completing a 50% retracement in time (4 months/18 weeks up, 2 months/9 weeks down).
Gold bottomed right near its multi-week downside target (1820/GCJ) and triggered a new multi-week buy signal on the March 8 close. That reinforced the impact of its March 3 outside-week/2 Close Reversal higher – a 2 – 3 week buy signal… which is nearing fruition.
Gold has neutralized its weekly downtrend twice, reinforcing the outlook for it to extend this rally into the current week (March 20 – 24; the soonest that Gold could turn its weekly trend up… a lagging and confirming indicator). It would take a weekly close above 1993.7/GCJ to turn the weekly trend up.
Silver, in contrast, could not do the same until March 31… at the very earliest. It fulfilled initial upside targets but would not even neutralize its intra-year downtrend until a weekly close above 23.45/SIK. As in related markets, March 23/24 provides the ideal time for a 1 – 2 week peak to take hold.
The 1 – 2 month outlook still calls for [reserved for subscribers]…
The XAU & HUI have surged and neutralized their weekly downtrends (for the first time) after retesting and holding their lows as they completed the ideal time frame for a low – fulfilling a 21 – 23 week high-high-high-high-low-(low) Cycle Progression that culminated on Mar 6 – 10, ’23.
That was projected to spur a quick rally to ~125/XAU & ~240 – 245/HUI, which has just been fulfilled. A multi-week high is likely in the coming days, the latest phase of an ~8-week high-high-high-(high) Cycle Progression, and could occur near monthly resistance levels (127.12 – 130.71/XAU & 247.63 – 256.51/HUI).
The related ~2-month cycle has created a low (July 25) – low (Sept 26) – high (Nov 23/25) – high (Jan 25) – (high; March 23/24) Cycle Progression that should produce a multi-week peak in the coming days. The weekly trend should go a long way in revealing what to expect in 2Q ’23 (and potentially all the way into Sept/Oct ’23).”
Gold & Silver fulfilled the 1 – 2 year outlook for lows in Sept ’22 (SI) and Nov/Dec ’22 (GC) and entered the ideal setup – based on inflationary factors (slowing), interest rates, and the Dollar (peaking) – for the onset of a very bullish 1 – 2 year period. Platinum is signaling something similar. 2023/24 holds the potential for some abrupt surprises for precious metals, with multiple advances projected.
The second advance was expected to begin in early-March ‘23, after metals completed ‘2’ or ‘B’ wave pullbacks (following the initial advances). Corresponding signals projected strong rallies in March/April ’23… coinciding with the outlook for bottoming Bonds & Notes, Cryptos and other markets.
The XAU & HUI are similar and projected a multi-month low by/on March 6 – 10 – perpetuating an uncanny ~23-Week Cycle. The monthly trend projects a strong rally to new intra-year highs to follow. Gold triggered a convincing weekly buy signal on March 3, ’23 and then triggered a corroborating daily buy signal on the March 8 close… confirming the outlook for a new surge in March/April ’23.
How High Could Gold & Silver (&XAU) Reach in 2023?
Will the Outlook for Bonds (Bottom in ~March ’23) & Interest Rates Concur?
What Other Factors Could Positively Impact Gold & Silver in 2023?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.