Has Silver Delivered An Important Message About Gold? – Gold & Silver Analysis

Sid Norris
 In Blog

Has Silver Delivered An Important Message About Gold? – Gold & Silver Analysis

Some high profile Elliotticians have been calling for a major top in Gold over the past year.  They thought the early Sept 2019 high was the top, and then when Gold moved higher in early Jan 2020, they called that the top.  Then, when gold went on to another new high in late-Feb, they labeled THAT as the top, and then went on to call the mid-March new high THE top.  In baseball terms, that’s four swings and misses!  They should be sitting on the bench!   In each of these calls, they expected Gold to move down to below $1000 per ounce next.

Very recently (in mid-March 2020), Silver, as well as Platinum moved down VERY strongly to new multi-year lows, and both have been rallying strongly ever since.  The spike to March lows in many of the metals appears to be a “capitulation” move, and each was accompanied by extremely low levels of bullishness among retail traders, as well as rare, deeply oversold readings in the RSI indicator on a weekly chart.

March 22 Webinar Excerpt:

Gold and Silver are traditionally very highly correlated.  When one moves up, the other moves up, and vice versa.  They may not move the same percentages, but the directionality is typically identical.  During Silver’s recent capitulation move to below 12 cents per ounce, a level last seen in Jan 2009, Gold stayed above 1450.  If Silver’s “capitulation” is finished, and that idea is supported by the fact that it has already rallied 28% from that low, why would gold puke out now?

And yet, those “mainstream” Elliotticians continue to be deadly bearish with their Gold wave count because they think they saw five waves down from 2011 thru 2015.  Isn’t it time to consider the possibility that the 2011-2015 gold bear was NOT a five-wave structure?  Maybe it was a WXY structure.  That’s been my main wave count all along.  Why?  Hurst Cycle Analysis.  My secret weapon.

Conclusion: 

Timing is everything! No system is perfect, but considering Sid’s Elliott Wave & Hurst Cycle analysis in conjunction with these algorithmic momentum trade signals can help traders decide when to get in and get out. Recent volatility in the market is leaving many people wondering what’s next. Future Elliot Wave road maps and momentum-based trade signals can aid in navigating these rough waters.  As always, please check out our free resources at the site.


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