Still Bearish Gold & Silver

Silver: Analyzing Current Trends

While we are getting a bounce now, I’m still looking lower thereafter towards $26-$28.

Silver Futures - 4 h

My target for the top of this bounce is $31 or slightly higher. Meanwhile, if we look at the weekly chart, we can see just how bearish Silver is:

Silver Futures - 1W

Look at the MACDs! The MACD Histogram is still going down. The MACD Line has broken its signal for the second time, and it’s still falling. Once we get the top in wave 2, we will be better able to determine the next downside target.

Gold

Gold Futures - 4h

It should come as no surprise that Gold looks remarkably like Silver. It too looks like it is on its way to wave 2 of C down. Wave 3 could reach $2500 next. We’re just waiting for the top in wave 2. Stepping back and looking at the weekly chart, it looks even more bearish.

Gold Futures - 1W

The MACD Histogram is now at its lowest level since 2022, and it’s still falling. The RSI is still dropping from its highest level since 2020. Saving the best for last, the MACD Line is coming off its highest level in history. It has also broken its signal line in red and is melting down. This is clearly bearish for the foreseeable future.

GDX and Miners’ Market Movements

VanEck Gold Miners ETF - 4 h

As for the miners, they are following the same path: down! GDX has broken down out of its channel, retested the breakout, and is now going down in a classic ABC pattern. The next target on the downside is $30, where wave C equals the size of wave A. If that breaks, we’re looking for a drop to $24.50 before the next rally begins.

There are no fundamental catalysts tomorrow or early next week, so it looks like we’re going to see more downside ahead.

Buy gold and buy silver in Canada today to secure your financial future.