In this week's update, I discussed the significant down day in precious metals on Friday, where gold dropped $146.50 due to options and futures expiration, particularly with GLD, SLV, and gold options expiring on Friday.
I analyzed the technical charts, noting that gold had broken through key support levels and could potentially drop to $3740-$3767 if lower support levels fail. I explained my Elliott Wave count for gold, suggesting they may be approaching the completion of the C wave and potentially the end of the fifth wave, which could lead to an intermediate Wave 4 that puts in a bottom and begins a rally.
I mentioned that central banks are not selling gold and continue to accumulate holdings, and discussed potential catalysts for a gold rally, including geopolitical tensions with Russia-Ukraine and potential strikes against Iran.
I also analyzed silver's breakdown through key support levels at 50 and 52, and reviewed my updated Elliott Wave count for platinum, which shows they are in a primary third wave going up after completing intermediate Wave 1.
I concluded by expressing confidence that the upside for precious metals remains intact due to geopolitical, economic, and currency factors making gold a popular investment as markets become more volatile.
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