Silver Projects Surge to ~24.50/SI into early-Jan ‘23; XAU & HUI Concur.
12/07/22 Weekly Re-Lay Alert – “Gold & Silver fulfilled the outlook for another rally into early-Dec ‘22 but remain capable of surging to new highs… They continue to build the case for a major low being set – in Sept ’22 for Silver and 4Q ’22 (Nov ’22) in Gold.
Ultimately, Gold could extend this rally into late-Dec and fulfill a 41 – 42-week high-high-high-(high) Cycle Progression… and it could spike much higher. 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…
At the same time, Silver has been forecast to surge to 24.50 – 25.00/SIH. It could stretch its advance into Dec 30 – Jan 6, ’23 – the latest phase of a ~6-week high-high-high-high-low-low-low-low 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.
If Silver (and Gold) are confirming 3 – 6 month (or 6 – 12 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.
Similar to Gold, Silver could 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 advance…
The XAU & HUI remain on track for surges to up to (or above) price targets at 130 – 137/XAU & 245 – 251/HUI. The XAU has its weekly LHR at 138.81, a little above its Jan ’22 high (intra-year trend resistance) and just below its monthly 21 High MAC and a .618 rally target (140.28 – 140.35/XAU).
Meanwhile, the HUI has corresponding targets and resistance around 265 – 270… so the coming days/weeks should be interesting and clarifying.
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 (usually after a spike high has transpired).”
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.