Gold and Silver Quick Update
Last week we discussed repeated patterns in completely unrelated instruments, like Tesla and GLD. What if we add the Russell to the puzzle? Let’s take a quick look. And by the way, we won’t forget today’s gold close and silver patterns. Sounds entertaining?
CANDLES
GLD and TSLA
GLD opened this week and made things worse. It now has three gaps in a row—very much like TSLA in November 2021. I also found another similar pattern—the one I promised to share, if I recall—on IWM’s daily frame, though it shouldn’t matter, as patterns work on all frames.
IWM – the call in July 2024 and the outcome in August 2024:
Something tells me GLD will leave the final gap open after tomorrow’s close. We shall see.
Gold
Gold formed another Bearish Engulfing on the daily frame. The odds are technically bearish, but I want to see confirmation tomorrow.
There’s also a chance of an impulse down, though the wave is very young and may need a few more days to mature.
Silver – Elliott Wave
Silver looks much more assured and serious than gold. With a new lower low, it will form a super clean impulse down. Note the approximate size of the initial impulse—7% off the top. This means the next wave could be quite dramatic for recent buyers.
Once the dust settles on Friday, tune in for the weekly reports. They promise to be informative at a minimum.
Happy Trading!
