I’m still bullish on both gold and silver — but silver is starting to look a lot more interesting on the chart.
Gold has been rangebound, which is totally fine. That gives us time to accumulate and wait for the next leg. I’ve still got my eye on the $3,000 level, and while I’d love a dip to $2,800, I’m not counting on getting that deep of a pullback.
The bigger move in gold probably needs to come from some type of macro shift — like a major move in the dollar — but until then, I’m just letting my GLD position ride.
Silver, on the other hand, could be getting ready to break out…
Silver’s Catch-Up Trade Is in Sight
When I pull up a gold-versus-silver chart — and take the inverse view — I can’t help but wonder if silver might have some serious ground to make up. Gold has clearly outperformed since COVID, but there was a stretch post-COVID when silver actually led.
It wouldn’t shock me to see something like that happen again.
If we can break resistance on silver, I want to stick with it until we’re back in the $40s. That would be a huge move — and it’s not out of the question if silver finally starts playing catch-up. I’m looking at the old highs from 2011 and 1980 as possible upside targets if we get that technical breakout.
What Would Flip the Switch
I still think silver needs some kind of broader tailwind — maybe dollar weakness or a big momentum wave in metals overall — but technically, we’re close. If gold keeps grinding and silver breaks resistance, that’s where things could get interesting.
I’m watching closely and ready to build more exposure once that resistance gives way. Until then, I’ll stay patient and let the chart tell me what to do. But I like what I’m seeing.
If silver breaks out, I’m running with it.
I’ll see you in the markets.
Chris Pulver
Chris Pulver Trading
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