In Tuesday's update on precious metals I wrote:
"Gold and silver most likely started new medium-term cycles on June 7 (gold's low at $2287) and June 26 (silver's low at $28.62). These cycles are relatively young (especially silver), but they may be peaking early and starting a steep corrective fall to the bottom of a longer-term cycle (similar to what is happening in the broad stock market).... Silver is looking more bearish than gold as its price has already broken below the start of its new medium-term cycle. That turns the trend of this cycle bearish (and suggests that gold may be bearish as well). We are anticipating the end of a longer-term (4.33 year) cycle in silver by the end of this year or possibly in early 2025. That longer-term bottom will overlap with either the current medium-term cycle or possibly the next one. Either way, we should probably be looking to sell this market short soon as the current medium-term cycle has already turned bearish."
This week silver prices have been rising from a sub-cycle bottom on Monday at $27.43, and today they are encountering resistance at the 15-day moving average (now at $29.24 and falling). This looks like a good time to sell silver short. Gold may be ready to turn down as well, but it looks a bit more bullish than silver right now (it has broken above both its 15-day and 45-day moving averages). It's possible gold could push up to another all-time high before falling, so we will stay on the sidelines of gold for now. I am entering a short position in silver today.