My overall ‘big picture’ view hasn’t changed (dollar down, PM’s up into 2026). What cannot be denied though is that the dollar has found support and bounced right off it to the upside (see chart). Short term that isn’t great for PM’s. I’ve got a few charts here for you to ponder. I’m less confident with cycle theory on shorter timescales, with various elements of ‘left translation’ and ‘right translation’ in play, which basically amounts to a shortening or lengthening of timing bands. I don’t really want to make too many comments on this until I’ve had time (pun intended), to read up some more. People like Norvast, Surf are much more up to speed on this, but I’ll gradually work on learning the theory.

Makes me wonder what’s going to happen with the FOMC meeting, interest rates, bonds and the broader stock market. I’m in the camp that believes we’re not quite done with the rising stock market yet. Short term, I think more pullback is quite possible, but I’d expect another large advance before some kind of real crisis develops, and we’re a few years away from that still (in my opinion).

P.S. I got a free barchart.com account so that I could access dollar data going back further.