Silver (XAGUSD) - 14th March 2024 | @ 594 Days

'C' class signal detected in spot Silver. Running at an average wavelength of 594 days over 12 iterations since April 2005. Currently moving up.

ΣL Cycle Summary

In this new, longer term addition to Sigma-L we have a component which, until the last couple of years, was exemplary in it’s stationarity and a major driver of price action. For 15 years (~ 2005 - 2020) this wave was the prominent feature, as shown below in the time frequency analysis, exhibiting dominance through the majority of this sample. Recently, the wave around 250 days and other competing features have muddied the water somewhat but clarity may well be returning to the longer wave, with a trough having likely occurred recently. Amplitude has been attenuated heavily over the last few years so phase is somewhat hard to quantify and we have been considering carefully whether to feature this wave. However, due to the historical performance and the nature of power returning periodically to longer waves (itself a function of even larger amplitude modulation!) we have decided to include it, with the caveat of a ‘C’ rating. This rating is also justified given the quite large frequency modulation margin of error (+- 80 days).

Time Frequency Analysis

Time frequency charts (learn more) below will typically show the cycle of interest against price, the bandpass output alone and the bandwidth of the component in the time frequency heatmap, framed in white. If a second chart is displayed it will usually show high-passed price with the extracted signal overlaid for visual clarity.