Back in August Gold made a nice and impulsive rally away from 1685 lows, as seen on the 4-hour chart that we labeled as first leg A) of a three-wave recovery within higher degree wave D.

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Well, the current decline should be wave B) then which looks to be a complex 7-swing correction as we see an overlapped wave structure, so ideally price is going to see a recovery. So far that's a nice rally from 1721 to the upper side of a channel where the broken line will make a room for further strength.

Gold 4h Elliott Wave Analysis

Silver broke into September 2020 lows as expected, so final wave C) of 5 of a bigger ending diagonal pattern can be finished and a reversal in play if we consider that market is coming back above 22.50 with impulsive price action. As such, more upside is expected, ideally towards the 23.70-24.00 area.

Silver 4h Elliott Wave Analysis