Following the heated headlines on gold and silver — driving long lines outside jewelry stores and fueling intense media coverage and momentum — a contrarian signal has emerged. This signal was confirmed by classic reversal patterns, triggering the 300+ point selloff we witnessed this week.
Gold Outlook:
On the 4-hour chart, gold prices have formed a double-top pattern near the $4,380 peak, pulling back toward $4,000 support — a level that now defines two potential scenarios:
A sustained move below $4,000 — the double-top target and key support — could trigger another 300-point decline, with the next support zones around $3,920 and $3,780.
As price action remains above the target but below the neckline, the bearish bias persists. A clean break above $4,200–$4,240 would be required to reignite upside momentum toward $4,300–$4,380, after which new record highs could extend toward $4,900–$5,000.
Silver Outlook
On the 4-hour chart, silver has traced a head and shoulders reversal pattern, targeting the $47.30 level. If prices close back above the neckline at $50.80, gains may resume toward record levels, with key targets at $52.40, $54.40, and $56.60. Holding below $47 could extend losses toward $44.40 and $42.90, aligning with the trendline connecting consecutive higher highs between January 2023 and October 2024, setting up a potential bullish rebound.
- Razan Hilal, CMT
Gold Outlook:
On the 4-hour chart, gold prices have formed a double-top pattern near the $4,380 peak, pulling back toward $4,000 support — a level that now defines two potential scenarios:
A sustained move below $4,000 — the double-top target and key support — could trigger another 300-point decline, with the next support zones around $3,920 and $3,780.
As price action remains above the target but below the neckline, the bearish bias persists. A clean break above $4,200–$4,240 would be required to reignite upside momentum toward $4,300–$4,380, after which new record highs could extend toward $4,900–$5,000.
Silver Outlook
On the 4-hour chart, silver has traced a head and shoulders reversal pattern, targeting the $47.30 level. If prices close back above the neckline at $50.80, gains may resume toward record levels, with key targets at $52.40, $54.40, and $56.60. Holding below $47 could extend losses toward $44.40 and $42.90, aligning with the trendline connecting consecutive higher highs between January 2023 and October 2024, setting up a potential bullish rebound.
- Razan Hilal, CMT
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.