Silver - 30th July 2024 | @ 284 Days
'B' class signal detected in Silver (XAG/USD). Running at an average wavelength of 284 days over 11 iterations since August 2015. Currently turning down.
ΣL Cycle Summary
This longer term cyclical component, also present to a less powerful degree in Gold, recently peaked, marking the end of an exuberant bull run for silver devotees. Within our sample since 2015 are 11 iterations of this cycle, marking it out within a bandwidth below ~ 400 days wavelength as a signal of significance. Indeed it has distinctly isolated areas for potential reversals over the last decade with only one failure iteration to note in mid 2023. The next trough is due around November this year, bears may wish to wait for a pullback above the lows of late June (~ $28.5) for a better entry short. Likely areas that price will wish to revisit on the downwards leg here are the lows in May 2024 (~ $26) and the relative equal lows of February 2024 (~ $22).