As promised, here are my bounce target ranges for silver & gold via the futures. As always, the charts are dynamic & therefore so is my analysis. As such, if & when I see something that changes my outlook, I will do my best to let everyone know asap. I will also make a point to follow up with comparable bounce target ranges for GLD & SLV (gold & silver ETFs).
My preferred bounce target range in /SI runs from around 87.70-102 (just shy of the 38.2% Fib to the 61.8% retracement), with a “sweet spot” target & objective level to close the bounce long and/or reverse back short would be a backtest of the primary uptrend line off the late Nov low. Depending on if & how fast /SI gets there, that would coincide with the 38.2% Fibonacci retracement level (if very soon) up to around the 50% Fib retracement level (which was the rough bounce target I provided in Friday’s video) as well as the 94.585ish resistance.
Also, note that /SI has a minor uptrend line off the recent lows forming, which could trigger an objective short entry or long exit, if & when taken out, especially if that coincides with a comparable sell signal on gold. 60-minute chart below.
SI 60m Feb 3rd
My preferred bounce target range in /GC runs from around 5000-5142 (~50-61.8% retracement) with at least a short-term sell signal to come on a solid break below the minor uptrend line on the 120-minute chart below.
GC 120m Feb 3rd