Precious Metals Elliott Wave Weekly Update - Sunday, April 5

Technical Analyst & Trader • Apr 5, 2026 at 6:00 AM EDT

Gold targets a fifth-wave rally if prices clear 5,000, while silver tests support near 53/56. Platinum remains in a primary C wave correction, facing seasonal April pressure as it seeks key support levels.

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

In this week's podcast, I provide an Elliott Wave Weekly Update for gold, silver, and platinum. I analyzed the gold market, discussing whether they were still within an intermediate fourth wave correction following the completion of intermediate wave 3 in January at 5653.

I identified key support levels, including 4.57, 4130, and particularly 4,000, while noting that a break above 5,000 would indicate the start of an intermediate fifth-wave rally. I also examined silver's price action, counting an intermediate C wave down and looking for completion at support levels around 53/56, while noting that breaking above 78 would invalidate the current wave count.

Finally, I analyzed platinum's position in a primary C wave down, identifying potential support at 1559-1570 levels and noting the market's seasonal decline in April.

Video Length: 00:35:21

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