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Why Gold and Silver Might Surge During Election Week
U.S. election day is finally here. Are the charts set up for a bearish reaction?
Come join me as we dive in and see what’s moving!
Plus, as always, we have stocks popping and dropping so come find out what is moving this morning as I look for stocks and do some live premarket analysis on SPX, SPY, NDX, QQQ, Russell, IWM and other stocks that are potential plays for the day.
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Why Gold and Silver Might Surge During Election Week
With the election and FOMC meeting coming this week, volatility is all but certain to shake things up. And when that happens, precious metals like gold and silver become assets to watch closely.
These metals are the classic "safe havens" — the go-to for investors when the stock market gets wobbly, particularly when no one quite knows where it’s heading.
So let’s dig into what we’re seeing in gold and silver right now, and what traders should consider in this unpredictable landscape.
Gold had a strong pullback last week, cooling off after a run-up that looked promising. For anyone holding gold as a hedge, that pullback stung. Weekly trades just didn’t pan out as expected.
Now, we’re seeing a potential pattern forming that could bring some clarity.
Silver, which typically rides gold’s coattails, is showing signs of hitting a bottom. Silver’s recent chart pattern shows three-wave down move, a classic technical setup often signaling the end of a correction. So, what now?
If silver can push back up, we could see some serious upside momentum. If it breaks that barrier, the next resistance around $37 might be in play, with a shot at $40 if it keeps building steam.
Election night could be the wildcard...
Historically, metals can move as much as 5% on a single day — a huge shift for commodities like silver and gold. And with markets on edge over the election outcome and the Fed's upcoming rate decision, both metals could see explosive movements.
Gold and silver don't need massive daily moves to draw attention, so a 5% jump would be significant.
For those looking to add precious metals to their hedging strategy, now’s the time to watch closely. Whether it’s a sharp rally or a dip back to test the lows, gold and silver have a good chance of volatility — a trader’s best friend, as long as you're prepared.
And this week could be the perfect setup for that big breakout in silver, pushing it back into the spotlight as a prime trading opportunity.
Stay tuned — things are about to get interesting.
Today’s Daily Chart Setup: Columbia Sportswear (COLM)
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