April 2026 Gold

The April 2026 gold futures contract pulled back sharply in late January after the historic rise to $5626.8. The pullback was swift and aggressive but only lasted a few days and held the 50-day moving average and the 50 percent retracement of the rise from $3300 (dark blue), an important swing low during the period of consolidation that occurred last summer. For a moment, it looks as though a major reversal was underway. However, prices have since risen and recently settled above the 62 percent retracement of the decline from $5626.8 (magenta). This suggests that the pullback from $5626.8 is a completed correction and that gold will continue to work its way higher and resume the broader uptrend.

Last week, gold tested and held the equal to (1.00) target of the wave up from $4423.2 (light red) and $4670 (pink), around $5354 on a closing basis. The subsequent move down is likely a correction because the 38 percent retracement of the rise from $4423.2 (royal blue) at $5048 has held on a closing basis. Prices also recaptured the 20-day moving average again on March 10. The $5354 objective is now the smaller than (0.618) target of the wave up from $4854.2 (orange), too. Another test of $5354 is expected. Closing above this will call for the $5475 smaller than target of the wave up from $3965.2 (dark red) and the intermediate target of the wave up from $4670 to be challenged. A sustained close above $5475 will confirm that gold has revived its uptrend, opening the way for $5615 and likely higher.

That said, prices have been struggling to sustain a close above the 20-day moving average, and a weekly dark cloud cover and a daily Stochastic overbought signal that formed last week warn that another test of support might occur. However, because the dark cloud cover did not form near the top of the broader trend, it does not carry as much weight. Even so, the 62 percent retracement from $5434.1 (pink) has held so far, the move up from $5005 could be the corrective leg of a wave down from $5434.1 (light green). This wave projects to a confluence point around $5106 as the smaller than target, a close below which will call for the $4812 equal to target. This is also the 62 percent retracement from $4423.2 (royal blue) and is below the 50-day moving average. Therefore, settling below $4779 will imply that a more significant test of support is underway. Closing below the $4670 smaller than target of the wave down from $5626.8 (green) will confirm this is the case, putting the odds in favor of gold falling to $4543 and eventually this wave’s $4231 equal to target.

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May 2026 Silver

Silver’s historic pullback that occurred in late January sent a shockwave through the markets and headlines. The 50-day moving average initially held, but the move down extended in early February to test and hold the 62 percent retracement of the rise from the May 2026 contract’s $29.261 (dark blue) contract low. Since then, prices have worked their way higher and have recaptured both the 20- and 50-day moving averages within the past several days. Although the 20-day moving average crossed below the 50-day, which is bearish, the two simple moving averages are still in a tight range, and the close above them was bullish for the outlook.

May silver recently held the $94.48 equal to target of the wave up from $64.600 (dark red) on a closing basis. The subsequent move down tested and held the 50 percent retracement of the rise from $64.600 (light blue). The pullback from $97.300 is likely a correction, but the 62 percent retracement from $97.300 (pink) held on March 10. Therefore, there is still a modest chance for a deeper test of support. Nonetheless, for now, the outlook is bullish, and closing above $94.26, which is in line with the equal to target of the wave up from $64.600 and the smaller than target of the wave up from $72.405 (light red), will open the way for $102.60. A sustained close above $102.60, which sits just above the 62 percent retracement from $122.675 (magenta), will strongly imply that silver is reestablishing its broader bullish trend. Settling above $111.74, which is in line with the smaller than target of the wave up from $46.415 (purple), will confirm this is the case.

As stated, because the 62 percent retracement from $97.300 (pink) has been held, the move up from $78.060 might form the corrective leg of a wave down from $97.300 (light green). Closing below the $78.04 smaller than target of this wave would also take out the 62 percent retracement of the rise from $64.600 (royal blue) and call for $71.64 and possibly a test of key support and the smaller than target of the primary wave down from $122.675 around $62.39.

April 2026 Platinum

Like silver, the April 2026 platinum contract initially tried to hold the 50-day moving average during the pullback in late January. However, prices eventually closed below this threshold, challenging the 100-day moving average. This level and a few important retracements in that area held on a closing basis. Platinum is working its way higher but is still trading below the 62 percent retracement of the decline from $2925 (magenta). Therefore, the move up might prove to be the corrective leg of a significant primary wave down from $2925 (green).

More recently, platinum held the equal to target of the wave up from $1806 (light red) and then fell to test and hold the 62 percent retracement of the rise from $1806 (light blue). The $1980.3 swing low of the first wave up from $1806 held, so the pullback from $2450.2 is probably a correction. This is a tight call for the coming weeks, though, and platinum must settle above $2390 to open the way for $2504 and higher. To confirm that platinum has readopted a bullish trend, prices must settle above $2651, which is in line with the smaller than target of the wave up from $1505.8 (dark red).

Platinum settled back above the 20-day moving average early this week but is still holding below the 50-day moving average and the 62 percent retracement from $2450.2 (pink). This warns that the move down from $2925 might still extend. Taking out the 62 percent retracement from $1806 at $2052 would call for a test of the $1964 smaller than target of the wave down from $2450.2 (light green). This is key support because closing below $1964, which is also near the 100-day moving average, would call for the $1768 smaller than target of the primary wave down from $2925 (green) to be challenged. This wave connects to $1331 and lower.

June 2026 Palladium

The June palladium contract has a bearish lean for the coming weeks. However, the outlook is tight because prices are trying to form a base around $1560, which is in line with the $1555 swing low that formed before the rise to the $2219.5 contract high.

Palladium fell after holding the equal to target of the first wave up from $1561.5 (orchid) and the 50 percent retracement from $2219.5 (magenta) on a closing basis. Prices recently settled back above the 100-day moving average but are trading below the 20- and 50-day moving averages and held the 38 percent retracement of the decline from $1935 (pink) on March 10. Support around $1605 held but will likely be tested again. Closing below this will call for a test of $1580, which protects the recent $1575 and $1561.5 swing lows. Settling below this will call for the $1528 smaller than target of the primary wave down from $2219.5 (green) to be

challenged. This wave connects to $1289 as the equal to target. Therefore, a sustained close below $1528 will confirm a bearish outlook for the coming weeks and perhaps longer.

Should support at $1580 continue to hold and palladium rises to close above $1750, look for another attempt to close above key near-term resistance at $1812. This threshold is in line with the 62 percent retracement from $1935 (pink) and the smaller than target of the new primary wave up from $1561.5 (orange). This wave connects to $1957 and higher.

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