News

The DXY Dump Has Begun

April 25, 2024

3690

View Comments (0)

Based on the Elliott Wave count in the DXY, I believe it has begun a wave iii of (3) of 3 down. All I am waiting for is confirmation with a close below 105.60. My ultimate target on the downside remains 94-92. If this turns out to be correct, the consequences will be profound for Gold, Silver, and the miners to the upside. Stocks in general could see new all-time highs before the big correction occurs, something few, if any, are anticipating.

GOLD

With this in mind, there is the risk of one more lower low in Gold prior to lift off, or we just go straight up. My next target on the upside in ~$2,450-2,500, then down to ~$2,370, before we head even higher.

SILVER

The same goes for Silver. A slightly lower low to $26.60 - $26.50, then up we go, or we just go straight up. My target for the peak remains $32, then back down to $26 - $27 again, and finally, blast off!

GDX will follow Silver.

Don’t miss a golden opportunity.

Now that you’ve gained a deeper understanding about gold, it’s time to browse our selection of gold bars, coins, or exclusive Sprott Gold wafers.

Shop Gold

Top Pick

1 oz Buffalo Silver Round

As low as

US$33.83 USD

View Details

Best Seller

1 oz Canadian Silver Maple Leaf Coin (Random Year)

As low as

US$35.58 USD

View Details

About Sprott Money

Specializing in the sale of bullion, bullion storage and precious metals registered investments, there’s a reason Sprott Money is called “The Most Trusted Name in Precious Metals”.

Since 2008, our customers have trusted us to provide guidance, education, and superior customer service as we help build their holdings in precious metals—no matter the size of the portfolio. Chairman, Eric Sprott, and President, Larisa Sprott, are proud to head up one of the most well-known and reputable precious metal firms in North America. Learn more about Sprott Money.

Learn More

About the Author

David Brady has worked for major banks and corporate multinationals in Europe and the U.S. He has close to thirty years of experience managing multi-billion dollar portfolios including foreign currency, cash, bonds, equities, and commodities. David is also a CFA charter holder since 2004.

Using his extensive experience, he developed his own process utilizing multiple tools such as fundamental analysis, inter-market analysis, positioning, Elliott Wave Theory, sentiment, classical technical analysis, and trends. This approach has improved his forecasting capability, especially when they all point in the same direction.

His track record in forecasting Gold and Silver prices since has made him one of the top analysts in the precious metals sector, widely followed on Twitter and a regular contributor to the Sprott Money Blog.

*The author is not affiliated with, endorsed or sponsored by Sprott Money Ltd. The views and opinions expressed in this material are those of the author or guest speaker, are subject to change and may not necessarily reflect the opinions of Sprott Money Ltd. Sprott Money does not guarantee the accuracy, completeness, timeliness and reliability of the information or any results from its use.