Stronger than Expected Rebounds in Gold & Silver. What’s Next?
Gold and Silver surged higher on Monday, which followed a mini-double bottom over the previous two weeks.
This type of strength solidifies support at the recent lows of $3900 and $45.70, and raises the odds we have seen the low in price.
The correction will continue in terms of time. Note the yellow boxes last spring. Gold had some very strong daily candles but its correction continued for three more months.
I have sketched in two potential outcomes.
Gold has essentially remained above its 100-day moving average, since its major breakout in March of 2024. It has tested it multiple times.
In the less bullish scenario, Gold could bottom around $3800 while testing its 100-day moving average.
In the more bullish scenario, Gold would rally back to the high and then correct down to $4050-$4100, and build a very bullish consolidation.
Silver already corrected nearly 17%. A bullish consolidation for a few months could setup the explosive breakout through $50.
I showed this chart in the premium update on Sunday but it bears mentioning again.
On Monday the GDX Advance/Decline line closed at a new high! That is another positive divergence as GDX would have to gain another 11%-12% to make a new high.
Moving along, here are the three stocks we rated buys yesterday.
GoGold surged by nearly 21% to C$2.86. Look for support at C$2.70. That gap is going to hold.
The gaps in Vizsla Silver and Liberty Gold should fill at least partially.
There should be some backing and filling and therefore a better entry point.
Source: https://thedailygold.com/stronger-than-expected-rebounds-in-gold-silver-whats-next/
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