Saturday, 31 October 2026

New cycle lows

The precious metals of Gold and Silver saw net October declines of -$283.99 (6.8%) to $3873.81, and -$11.28 (18.7%) to $49.13 respectively. 

Gold, monthly1b

 


Silver, monthly1b

 


Summary

Gold: a very powerful net monthly decline, printing $3870, and settling in the $3873s. Momentum continued to weaken, and is on the very low side. 
 
Silver: a severe net monthly decline, printing a low of $49.05, and settling at $49.13. Momentum continued to weaken,  and is on the very low side.
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My concerns have been...

1. If equities see a washout between now and the midterms. Even if the SPX sees just minor cooling of -5.0% to the 7300s, its almost impossible not to see gold/silver/miners get dragged down to some extent. 

2. If the dollar strengthens.

3. If the Fed raise rates Oct'28th, and/or Dec'9th 

4. If the US 10yr yield climbs to around 5.50%  
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There is clearly ZERO sign of a s/t floor in gold/silver, and the related miners.
However, seasonally... the setup will favour the bulls from early Nov', and into mid January. 

An additional concern is geo-political, not least Ukraine and Iran, but those are true wild cards.
The default is to assume nothing happens.  

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For more of the same... > https://www.tradingsunset.com