Gold and Silver Prices Crash Following Months of Relentless Gains

After months of relentless gains, Gold and Silver have shown their first signs of weakness.

The once-unstoppable rally has now hit resistance, creating the sharpest daily decline of the year.

With bearish signals flashing across key timeframes, momentum may finally shift for the two precious metals.

Will Gold Price Go Down?

The Gold (XAU) price has been on an absolute tear in the past two years, increasing by more than 115% to a new all-time high of $4,381.

Gold’s upward movement accelerated once the price broke out from the $1,850 horizontal area (green icon), which had acted as resistance for over three years.

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There have been only minimal retracements during this rally, highlighting the strength of the rare metal.

However, momentum indicators are extremely overbought, with the two-week Relative Strength Index (RSI) at an all-time high.

Gold’s wave count also shows the possible end of a five-wave upward movement since December 2016.

If this is the case, a significant correction could occur in the short to medium term.

The daily analysis indicates that the price of Gold crashed yesterday, resulting in a bearish engulfing candlestick.

It has resumed its downward movement today, briefly falling to a low of $4,004.

The daily RSI also fell below 70, indicating the first signs of a trend shift.

A similar decline occurred in April after the GOLD price created a bearish engulfing candlestick that lasted 23 days.

If the current Gold price crash continues, the closest support level will be between $3,605 and $3,755.

Is Silver Going to Crash?

The Silver (XAG) price has increased by 70% this year, breaking from its multi-decade resistance at $38.50.

Silver’s rally led to an all-time high of $54.48 in October, but the price has fallen.

The decline created an ascending resistance trend line that has been in place since 1980.

Unlike in Gold’s case, the RSI is not yet at an all-time high, although it is considerably overbought.

Silver has crashed since its all-time high, creating two bearish engulfing daily candlesticks.

Its decline is more pronounced than Gold’s, amounting to 11%.

If the downward movement continues, the closest support levels will be $44.37 and $41.32.

Temporary Top

Gold and Silver’s powerful uptrends may be losing steam, as technical indicators now point toward possible deeper pullbacks.

While long-term sentiment remains strong, short-term caution is warranted.

A decisive move below key support levels could confirm that a local top is finally in place.

About the Author

Valdrin Tahiri

Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.

He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.

Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.

He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.

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