The Worst Is Over for Gold and Silver

While I still believe we have a little further to go on the downside in Gold and Silver, I am expecting a bottom in both of them sooner rather than later. I say this because there are clear comparisons between Gold and Silver today and when they bottomed back in October 2023 and kicked off the rallies to $2802 and $35.07. This reinforces my belief that both will head higher again to the true peaks at $36-$40 and ~$3000.

GOLD

Note the similarities in the indicators.

The Daily RSI supports lower before higher. However, the MACD Histogram is already much lower than it was in October 2023. The MACD Lines are close to identical. Bearish sentiment is also nearly equal. This makes a strong argument for a big rally to a higher peak soon.

The weekly data is far more bearish, but I believe that signals the even bigger drop after the next peak in wave 5. That MACD Line number at 102 in particular screams lower, but after a new negatively divergent higher high.

SILVER

Again, notice the similarities in the indicators in Silver.

Different asset, same story. The daily RSI has room to fall, as does the MACD Line. The daily MACD Histogram is already lower than it was in October 2023. As with Gold, the weekly data allows for a negatively divergent higher high, but down it goes following the next peak.

In a proverbial nutshell: short-term down, then up to a new higher peak, then look out below.