Gold and Silver at a Crossroads: Bull Continuation or Bear Market Ahead?

Gold and Silver at a Crossroads: Bull Continuation or Bear Market Ahead?

Breaking Down Gold and Silver: A Critical Moment

Overview: In a similar fashion to the gold and Silver miner’s ETFs, gold and silver reached a make-or-break moment on 20/19/24. The setup for a potential bear market has been completed, and the line on the sand has been drawn.

In this post, we examine the key prices to observe that would signal a new primary bear market.

General Remarks:

In this post, I extensively elaborate on the rationale behind employing two alternative definitions to evaluate secondary reactions.

GLD refers to the SPDR? Gold Shares (NYSEArca: GLD?). More information about GLD can be found HERE.

SLV refers to the iShares SLVver Trust (NYSEArca: SLV?). More information about SLV can be found HERE

A) Market situation if one appraises secondary reactions not bound by the three weeks and 1/3 retracement dogma.??

As I explained in this post, the primary trend was signaled as bullish on 4/3/24.

Following the 10/22/24 (SLV) and 10/30/24 (GLD) highs, there was a pullback until 11/15/24. Such a pullback meets the time and extent requirement for a secondary (bearish) reaction against the still-existing primary bull market.

The rally that started off the 11/15/24 lows until 11/19/24 (SLV) and 11/20/24 (GLD) set up both ETFs for a potential primary bear market signal. Thus, a confirmed breakdown of the 11/15/24 (SLV at 27.57 and GLD at 236.59) would signal a new primary bear market.

Please remember that we don’t require confirmation for the final rally that completes a bear (or bull) signal setup. More information is in this post.

The table below gives you the most relevant information: