Six days ago, I warned that the rally in gold and silver appeared to be nearing the end of its cycle and was quite fragile. This was not driven by new inflation, but by market momentum and over-interpretation. Since then: 🔻 Precious metal prices have pulled back significantly. 📉 Overbought conditions have eased. ⏳ Cyclical timing is crucial. The market doesn't turn when interpretations seem weak, but rather when interpretations seem obvious. This is why macro and cyclical analysis is so important. 🎯 Click here for the full macro analysis of gold and silver 👇 Authors: @HenrikZeberg @swissblock__