Gold, Silver, GDX – Quick Update
Perhaps it’s early to worry—but the latest signals in metals and miners deserve a careful look. We’re seeing subtle shifts that can snowball if confirmed, even as the larger structures remain orderly for now. Consider this a calm pre-view for the weekly: we’ll assess whether today’s hints are harmless noise or the first tremors before a bigger move.
CANDLES
I hope this is another false alarm—like mid-August and last week—but something feels different. Silver and GDX miners confirmed daily tops today, and Gold printed a strong Bearish Engulfing. This time, the combos come with much stronger technical support across multiple indicators. It’s still a bit early to sound the alarm; let’s see the weekly close first.
ELLIOTT WAVES
Short Term
The post-triangle thrust up may be complete—and here’s another key difference: the decline was impulsive, while the rebounds are now corrective. That suggests a meaningful behavioral shift in gold. It may be premature to sound the alarm until we see a higher-degree impulse down, but I’ll be seriously concerned if price follows the red path rather than the blue one on the chart below.
Happy Trading!
