Gold, Silver And Platinum Elliott Wave Weekly Update - Sunday, July 5

By Michael Filighera of Logical Signals

Technical Analyst & Trader • Jul 5, 2026 at 6:45 AM EDT

Gold prices target a move toward $6,000 following an intermediate Elliott Wave correction. While silver tests resistance near $65, platinum faces downside risk to $1,470 as a strengthening US dollar impacts precious metals.

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Source: DepositPhotos

In this week's update, I analyzed the current market conditions and price patterns for each precious metal, focusing on Elliott Wave counts and potential future movements.

For gold, I discussed whether they were still in intermediate wave 4 or approaching the completion of wave 4, with targets around $4284 (38.2% retracement) or $4386 (50% retracement) before potentially moving to new all-time highs around $6,000. I also shared my decision to continue investing in gold and silver through a Canadian fund and referenced Jeremy Grantham's recommendations about investing outside the United States.

In silver, I counted the market as still being in intermediate wave C of primary wave X, with potential resistance around $64-65 and support levels at $48-50.

Regarding platinum, I corrected the EW labeling during the recording, showing the market in a developing pattern with potential for a significant decline to around $1,470 before completing the third wave down.

I noted that all three metals face downside risks from a stronger US dollar and risk-on sentiment, while upside catalysts include worsening economic conditions or geopolitical shocks.

Video Length: 00:45:13

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STOCKS IN THIS ARTICLE

GLD PPLT SLV UUP

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