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The DXY Dump Has Begun

DXY Dollar Index

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.

US Dollar Index April 25


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.

US Dollar Index April 25


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!

US Dollar Index April 25

GDX will follow Silver.

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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.


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