We’re starting the week with continuation - not confusion.
Both gold and silver followed through on the bearish momentum we’ve been tracking, with fresh gaps and new lows showing that sellers are still pressing. At the same time, we’re seeing early signs of pushback from bulls. The question now isn’t if they react, but whether it’s strong enough to change anything.
Gold (GC.F): Elliott Delivers Again
Let’s start today’s Lab Note with the Friday’s quote:
“(…) And… the Elliott Wave structure on H4 still suggests another leg down is likely.
So, where the bears could head next?
In our opinion, the next target would be the 4500 zone. This level isn’t random - it’s where the green gap from January (4500-4529) sits - the same one that previously stopped the decline, and this is where things get interesting. (…)”
Looking at the market today, one thing is clear: Elliott didn’t disappoint - again.
Sellers followed through on the bearish scenario once more, and for those who stayed aligned with it - well done. Congratulations because discipline paid off again.
The Asian session kicked off with yet another bearish gap (4532-4574), which quickly triggered another leg lower, briefly pushing gold below the 78.6% Fibonacci retracement.
What’s next? → → the rest of the analysis is available to Premium readers today.
Silver (SI.F): Same Story, Different Chart
Let’s recall the Friday’s quote:
“(…) On H4, we see that indicators are already flashing buy signals… but the Elliott Wave structure suggests something else: one more push lower is still very much on the table. If that happens, the next logical target sits around 6500 and just like with gold - the reaction there will tell us a lot.(…)”
From today’s point of view, we see that silver continues to move almost in sync with gold. Bears delivered again, cleanly hitting the next downside target and once again, those who followed the scenario had the opportunity to capitalize. Congrats!
The Asian session opened with another bearish gap (6893-6966), pushing the price briefly below the early February lows.
What’s next? → → the rest of the analysis is available to Premium readers today.
Today’s Takeaway
Gold: (…)
Silver: (…)
Execution Plan: (…)
Final Thought: we’re seeing first sights of reversal, but that’s exactly where traders get trapped. Therefore, stay patient and let the market confirm the shift before you commit.
Quick Note (from me)
I’m still running a fever today, so I’m keeping things simple today. Not sure how I’ll feel tomorrow yet, but I’ll keep you updated. Appreciate you being here - take care and trade safe.
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Anna