Gold, Silver And Platinum Elliott Wave Weekly Update - Sunday, June 28

By Michael Filighera of Logical Signals

Technical Analyst & Trader • Jun 28, 2026 at 8:00 AM EDT

Gold approaches critical Elliott Wave support near $3,913, signaling a potential resumption of its primary bull cycle.

depositphotos_136948380-stock-photo-set-of-monetary-metals-ingots.jpg — Source: DepositPhotos

In this week's update, I analyzed the gold market on multiple timeframes, identifying it as still within primary wave 3 of cycle wave 5, with the market potentially completing intermediate wave 4 around $3,913-$3,914 support before resuming the upward trend.

I noted the recent drop below $4,000 and discussed potential Fibonacci support levels at $3,484 and $3,366. For silver, I identified the market as completing an X wave within the primary degree, looking for a potential drop to $51-$52 before resuming the upward trend, with my long-term target around $200-$300. Regarding platinum, I restructured my wave count, now viewing the market as completing a C wave of primary degree B, with expectations for the market to break above $3,000, particularly if it can reclaim $1,826 resistance.

I disclosed that I have been building long positions in both gold and silver using Sprott's physical gold and silver funds (PSLV and PHYS), and expressed optimism about the precious metals sector once stimulus measures impact the dollar and economy.

Video Length: 00:26:37

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STOCKS IN THIS ARTICLE

GLD PHYS PPLT PSLV SLV

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