Silver Projects Surge to ~24.50/SI into early-Jan ‘23; XAU & HUI Concur.
12/10/22 Weekly Re-Lay – “Gold & Silver fulfilled the outlook for another rally into early-Dec ‘22 but remain capable of surging to new highs – potentially stretching into mid-month.
They continue to build the case for a major low being set – in Sept ’22 for Silver and 4Q ’22 (Nov ’22) in Gold – the early stages of what could be a new 6 – 12 month (possibly 1 – 2 year) advance.
On an intermediate basis, Gold could extend this rally into late-Dec and fulfill a 41 – 42-week high-high-high-(high) Cycle Progression (even if it sets an initial high in the coming week).
Silver is similar, expected to stretch its advance into Dec 30 – Jan 6, ’23 – the latest phase of a ~6-week high-high-high-high-low-low-low-low-(high) Cycle Progression that timed the early-Sept ’22 major low and subsequent Oct 14 and Nov 21 lows.
That should now invert and time a ~6-week (most current phases have ranged from 39 – 42 days) rally into Dec 30 – Jan 6, ’23.
The coming week is the midpoint and would reinforce that ~6-week cycle with an initial spike high on Dec 12 – 16 – the latest phase of a corresponding ~3-week/17 – 21-day low-low-low-low-(high) Cycle Progression that would project a subsequent high ~3 weeks later – on Dec. 30 – Jan 6, ’23.
That overall advance, if fulfilled, could see Gold surging to 1903 – 1906/GCG and producing a ‘3’ or ‘c’ wave rally (from the Nov 23 low) that equals the magnitude of the Nov 3 – 15 rally.
Though Silver’s 2 – 3 month wave structure is much different than Gold’s, it could also match the magnitude of its previous (Nov 3 – 15) rally – but likely do it sooner – with a rally to ~24.30/SIH. Both metals, but particularly Silver, remain in the time when an accelerated spike higher is still likely.
Both Gold & Silver could ultimately surge much higher as confirmation to the outlook for a new 6 – 12 month advance from late-’22 into late-’23. 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 rally…
The XAU & HUI remain on track for overall advances up to (or above) price targets at 130 – 137/XAU & 245 – 251/HUI… Both indexes turned 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 – which may have been seen in early-Dec.
They both turned their intra-month trends down but remain in daily uptrends, so new rallies could be seen after a (possible) mid-month, intervening low…
Platinum & Palladium pulled back to begin the month and then reversed back up, with Platinum maintaining its daily uptrend. Palladium just turned its daily AND intra-month trends up, at the same time, projecting further upside in the coming week.”
Silver remains on track for an initial multi-month advance to 24.50 – 25.00/SI before the end of 2022. A multi-week or multi-month peak is likely in early-Jan ’23. Gold is fulfilling its early-Nov ’22 buy signals and poised to rally above 1900/GC. It’s ~2-month lag could impact action in 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 ongoing strength and should rally above 1100/PL.
What Does Gold’s 4Q ’22 (Lagging) Cycle Low Portend for 1Q ‘23?
How Could This Impact Future Cycle Highs?
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.