Gold and silver are both searching for a bottom heading into the fourth quarter of 2026 after a steady 2026 downtrend, a new technical analysis finds. Chart patterns point to key support near $3,500-$3,600 for gold and near $50.90-$54.77 for silver, with a bullish Elliott Wave count still open toward higher prices.
Gold Hovers Below the Cloud
Gold prices have briefly penetrated the lower end of the Ichimoku Cloud at 3,959, then rebounded to the topside of the cloud in the third quarter. The metal is now sitting just below the lower edge of the Ichimoku Cloud again, deciding whether to rally back above it or extend the decline.
Based on the current position of the cloud, heavy support for the fourth quarter sits near 3,500 if gold prices fall further. The analysis notes it is not convinced gold will recalibrate to those lower levels, but says strong support sits near 3,500 if it does.
A Rally Toward $5,000 Remains the Primary Count
Using Elliott Wave Theory, the analysis views gold as being in the initial stages of a rally that launched from 3,942, with the August and September setback treated as a partial correction. That count carries gold toward 5,000 and possibly 5,500 in the coming months.
A competing bearish wave count, however, holds that any rally may stall below 4,550 as gold works down toward 3,600 first. Both the Ichimoku and Elliott Wave readings converge on the same support level near 3,500 to 3,600 as a strong value area.
Silver's Picture Mirrors Gold
Silver's technical setup largely tracks gold's. The metal reached a low of $54.77 in July, just above the key low forecasted previously, and the analysis views that July print as a possible bottom.
If the recent decline proves a partial retracement, silver could push above $71 and possibly reach $89. Should silver instead break below the July low, the next support arrives near $50.90, where a 1980 trend line passes.
Source: Commodities Analysis & Opinion
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