Did Gold, Silver Peak? Is Crash Next? Trader Called Rally, Reveals What's Next | Gary Wagner

Summary

Gary Wagner argues that gold's drop from about $4,400 to just above $4,000 is a healthy correction within an ongoing bull market, supported by central bank buying, record GLD inflows, and expected December Fed rate cut. He outlines a possible ABC correction that could see gold rally to about $4,150 before a final pullback to $3,880-$3,900, followed by a new wave above prior record highs. He also says silver's shallow correction from its record high should hold and that silver can challenge or exceed its former all-time high.

• Gold fell from about $4,400 to just above $4,000, which Gary Wagner calls a healthy bull-market correction.
• Central bank purchases, record GLD inflows, institutional buying, and expected December Fed cut are cited as gold supports.
• Gary outlines an Elliott-wave ABC correction with resistance near $4,150 and potential C-wave support around $3,880-$3,900.
• He says gold remains bullish while above the 50-day moving average and roughly $3,800.
• Silver corrected shallowly from about $54 to $45-$45.50 and formed a base that he expects to hold.
• Gary expects silver to challenge or take out its former all-time high around $54.45 basis December futures.
• Retail physical bullion demand and dealer shortages are described as feverish in both metals.
• He discusses trading psychology around confirmed rallies versus buying near tops.