Technical Analysis: Gold Soars To New Highs, Silver Possible Top? Platinum And Palladium

Gold and silver racing to new all-time highs. Platinum and palladium surging as well. We're gonna dissect the charts and get targets and key trade setups here in just a second. All right, first off, my name is Gareth Soloway, Chief Market Strategist here at verifiedinvesting.com. And as always, we focus on technical analysis in these videos. No hype, no narrative, no BS, just charts. All right, let's dive right into it. We're gonna take a look at gold first and foremost. The key to gold, and I went over this last week if you've been following the sequence of my videos, is that it was imperative that gold made a new all-time high. It did just that. We can see it right here. If we put a trend line in right at this high and we drag it across, it blew right through that. Now, the reason why that was so important is because it was stalling just below the all-time highs in just the last few trading days. And if it wasn't able to make a new all-time high, you would get a lower high, and that ultimately can mean a change in direction in trend, right? So again, what we see today is now based on data and technicals is that the trend is still up. It is still making higher highs and higher lows. All right, now let's go back and refresh our memory on the charts here. One of the things we had been watching was this underbelly trend line. It's actually a beautiful thing. And then we also had this down-sloping trend line right here. And the reason why this was important, folks, is that this gave us, and I'm gonna flip it to a white just so it stands out from that prior line that we were just watching. But essentially, this created a wedge pattern in price. Now, wedge pattern, again, is price where it's at its widest first, then it gets tighter and tighter and tighter and tighter until it has to either break out or break down. And the beautiful thing about this is that we could clearly see it broke out here, confirmed on this candle right here, and then you have, in technical analysis, a confirmed breakout. The reason why it's important to see confirmation is that algorithms and institutions love to fake retail out. They like to push something above a key level and then reverse it. Once everyone thinks it's a breakout, then they pull the rug out and vice versa on the downside. So the key is the confirmation signal really enlightens us to understand that it's a high, high probability scenario of a real breakout. And that's what it was, right? And so what we saw off of that move is we saw the move up and then this bull flag formation, which then led us to go up. And then this is where we stalled, right? We stalled right here below. And I kept on saying last week to you guys, listen, we've gotta break this. We've gotta break out above this level. And finally, we did. Now, what does that mean? Well, it means that, again, like I said, the uptrend is intact. The question is where does your uptrend have resistance? And there's a couple things to do here. What I would use is this same trend line. In the near term, we take this trend line. So we already know it was a key level down here, right? It was supporting price hit, hit, hit, and hit, right? So what we do is we drag a parallel from that up. What we can see now is that you have the potential to rise on gold all the way up to this 4,800 close to 5,000 level. All right, now, can patterns fail? That's a good question. The answer is yes. Nothing in technical analysis is in stone. It is always probability. So you could have something that's a 75% chance of occurring and it still means there's 25% chance it doesn't, right? And so we always have to remember that, is that while this analysis is factual based on charts right now, it could adjust later on if something changes. And that's where I come in with my, you know, usually multi-week updates on gold and silver, all right? So right now, we can see again, this is now your upside general target. We've broken out. Now, do I wanna see confirmation above here? The answer is yes. That would be helpful to see. But either way, it has made a higher high at this point. So unless it reverses dramatically and puts a toppy tail in today, we respect it and we assume the trend will continue. All right, so good stuff on that. Now, on the other side, let's just say we start to sell off. What would be a negative factor or thing that would occur that would now make us say, uh-oh, now we could be flipping to the downside and see further selling? Very simple. Follow this trend line. See how it's following price up? If we break below this, that would be a break of short-term trend, right? Right through here. You can see all these hits, all right? If we break below here, which we never did over here, and the trend was still in charge, that would be something that would then make me say, okay, now I need to reevaluate and look at this, okay? So just a heads up on that, I wanted you guys to stay in tune with my latest update on gold. Now, let's flip over to silver. Silver making a new all-time high, but there's a little bit of an issue here. So number one, silver just from October, really, again, if you go back to October 28th right here, is up a whopping, I believe it's 50, what is it, 55%. It's an incredible move. So today's high, 52%. All right, so that's extended, but that doesn't mean that price is not gonna go higher. This is what concerns me. So we have this trend line here, and we can see that this trend line is really good at pinpointing the beginning here. We went away, we came in, we broke, and then just in the underbelly, see how you got below and then you couldn't get back above and it rejected price, and then you came here and rejected it again, and then you came up here, okay, and then rejected it there, and then when you got back above, look at how it respected the line from above now, okay? So we know just based on this, this is giving us a great, great basis for a trend line about above its bullish and below its bearish, unless it can break back above. Now we use that trend line here, and just cleaning up my chart a little bit, we use it as a starting point or a jumping off point to bring up a trend line, a parallel to the high right here. And what we see is the high today tagged this level. And what that means is it doesn't mean the bull market is over for silver. I wanna be crystal, crystal clear, because people, again, they kind of take things out of context. It's not necessarily, and I don't believe the bull market in silver is over yet, but for me, this is a point where I start to say, okay, we're due now after a 55% move in less than two months on silver, we're due for a correction or pullback. Now again, the last pullback on silver was a little less than 20%. This one could be even less than that. We don't know, but what we do know is that based on this, we tag the upper end. You can already see it starting to weaken a little bit. And again, it wouldn't shock me to see us come back to this level right here, which honestly is not very much lower, right? I mean, this would just be the bare minimum. From the high, that would be a correction of about 7% to 8%, but that would be our first support. Now, if it breaks below that, we have to start looking at what happened here, right? If this was a bigger correction or bigger pullback before it got back above, but you essentially, if you're looking at probabilities now, and that's what this technical analysis is all about, is that now that we've hit this and we saw what happened over here with this pullback, we now have to assume at minimum a pullback here to about 65-ish dollars per ounce. Now again, as I said, that's only about 7% or so, 64, 65, but nonetheless, you need to monitor that. All right, so that's your silver update. And again, please keep in mind, this is short-term analysis. This is not about where silver's gonna be in six months from now or a year from now. It's literally the next few days or week of the analysis. Okay, now let's flip over to platinum. Platinum's had a remarkable surge, absolutely remarkable. Now for me, platinum is looking very much like it wants to test this high. And if we go back here, this is your all-time high on platinum, and it looks very much like this is where it's headed here between 22 and 2300. Now again, in terms of trading opportunities, that would be where you would expect a pullback, right? Again, all we're doing is we're using the former all-time high, which would be known as the double top if price gets in there, to dictate where likely a pullback would come in. And this, again, is exactly that. All right, so that would be where you're looking at, but incredible, incredible move on platinum. And then just looking at palladium here, guys, palladium, beautiful pullback on this. Notice it did hit some resistance here. Look at these lower pivots. So great move up. And by the way, I still think there's more upside on palladium, but you have to respect this level at around 1800, 1815. Look for a pullback on that. All right, guys, so that's your analysis on gold, silver, platinum, and palladium. Again, incredibly interesting stuff. Silver is looking like it's gonna pull back. Gold has broken out. I still think it could consolidate and then go higher, but it's looking like gold's the play now with silver maybe pulling back, maybe some money rotation going on here in the metals. You guys have a great rest of your day. Thanks for tuning in, and please share this video with friends and family. Take care.