Momentum Stays with Precious Metals (Lab Note #73)
(www.investorideas.com Newswire) The U.S. markets are closed today for Martin Luther King Jr. Day, but gold and silver clearly didn’t get the memo.
While Wall Street is taking a day off, both metals pushed to fresh highs during the Asian session, sending a clear message: momentum in precious metals remains very much alive, even in thinner holiday liquidity. That alone deserves a closer look.
Gold (GC.F) → Gold analysis is reserved for Premium today.
Silver (SI.F)
Let’s start once again with Thursday’s quote:
“(…) the post-gap selloff was sharper and pushed the price back to the previously broken upper border of the purple rising channel.
Bulls defended that support line, which is quite similar to behavior that we saw during December sessions (especially when we take into account the fact that it intersects the orange consolidation based on today’s first candle).
Therefore, as long as the price stays within today’s very short-term consolidation, the immediate technical picture doesn’t change much
(…) Bottom line… just like in the case of gold - today’s close in silver matters more than the intraday noise. It could easily set the tone not only for tomorrow, but for the start of next week as well. (…)”
From today’s point of view, we see that silver followed the script.
Just like gold, bears failed to close Thursday and Friday below the key support levels we highlighted, which led straight into the execution of last Monday’s scenario (once again, congrats to those who were positioned early):
“(…)bulls didn’t just deliver the minimum upside scenario, but they pushed price to fresh highs, breaking out of the multi-day orange consolidation visible on the daily chart.
That breakout shifts silver into a momentum expansion phase, opening the door to higher upside targets. Where?
Key resistance zones Ahead (…)
(…) At this point, it is also worth noting that if bulls manage to close a daily candle above the orange daily consolidation, the path toward 9400 (…) will likely be open. (…)”
What now?
Today’s Asian session gave silver an extra boost - the green bullish gap, which quickly turned into a springboard toward 9400.
At the moment, price is hovering between the upper border of last week’s orange H4 consolidation and 9400, which suggests that a daily close above this zone would open the door to:
- 9500 is the next big round psychological level
- potentially 9725, where the size of the upside move would mirror the orange consolidation marked on the daily chart (at this point, it is worth noting that this scenario gains even more credibility as long as indicators stay supportive of the bulls).
Lab Takeaway - What to Do Today?
This is not the moment to chase candles, but it’s also not the moment to fade strength blindly.
Gold: (…)
Silver: watch today’s close carefully. A daily close above the last week’s consolidation could unlock the next leg higher toward 9500+.
Most importantly: let the price confirm. Let the levels do the talking.
The trend is still up on short-, medium-, and long-term timeframes, and until we see a clear invalidation of recent breakouts, the path of least resistance remains higher.
Stay patient. Stay level, focused. And don’t forget - even on a U.S. holiday, the market never truly sleeps.
Anna
P.S. For those celebrating today… I wish you all a meaningful day, a moment to slow down, and some well-earned calm away from the noise. May it bring clarity, perspective, and a fresh start for the week ahead
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