Gold, Silver And Platinum Elliott Wave Weekly Update - Sunday, July 12

Technical Analyst & Trader • Jul 12, 2026 at 4:34 AM EDT

Gold eyes key support at 3913 during an intermediate wave 4 correction while silver works through a primary degree X wave. Platinum signals a significant downside in a primary C wave before the next rally phase begins.

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Source: DepositPhotos

In this week's update, I analyzed the gold market, noting they are in an intermediate wave 4 correction with support around 3913 and potential resistance at 4284, expecting either a rally to that level or a deeper decline to around $3867-3876.

For silver, I observed the market working through a corrective phase toward a primary degree X wave, with key support levels at 52.60 and 50.57, while noting that Friday option expirations have been causing larger than usual drops.

Regarding platinum, I discussed the challenges in determining the correct degree of waves and indicated they are likely in a primary degree C wave down, with potential for significant downside before the next rally phase begins.

Video Length: 00:27:08

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