Gold Breaks Support! Watch These Levels for Silver & Oil Next 🚨

Hey folks, welcome to verified investing.com. My name is Gareth Soloway, chief market strategist here. Now in today's video, we're gonna deep dive into gold, silver, oil, natural gas, maybe touching on copper, platinum, and palladium if we have time, because I will say this, there are some things that are emerging here that are getting me excited about a few of these commodities. So we're gonna dive into this. Before we do, just a reminder folks, on this YouTube channel, I launched my premium version of Gareth's, basically it's called Gareth's Top Squad. It's again, a way to support the channel if you find this useful, if you get education out of it, again, 9.99 a month. In addition, I do do every week at least one premium video just for YouTube premium members. And it's just on here. I have no Discord, no Patreon, no nothing else, just this premium on YouTube plus verifiedinvesting.com and the services there. That's it folks. So don't let any fake Gareth's out there tell you otherwise. But either way, I'd love to have you aboard. Love to have you supporting me. It means a lot to me. You get highlighted in the comment section. You also get a lot of other perks. All right, let's dive right in here. So the first things first, what do we have here? We have gold that is continuing to trade down. Now you guys know I've been saying that gold is likely going to be going lower, even when people were telling me I was crazy on this bounce over here or even over here or even over here, I was pointing out that we had the 200 MA right here under price. And you can see right here, we kissed it. It was also the low end of the parallel. Now we hit it over here. Again, you can see that little low pivot right there. But this is what happened. On Friday, we broke. Today we're watching to see if we confirm the breakdown. If we confirm the breakdown, there's one interim stop before my final target, and that is right here at 4,100. This pivot low should yield major support. It's kind of the equivalent of what we saw in Bitcoin at double bottom. So again, this isn't a Bitcoin video, but we can use it for educational purposes. This low pivot right here, look at how Bitcoin is bouncing. So it's a short-term bounce opportunity at 4,100 on gold. Okay, so that's what we're looking at here. At some point, I do think there's a good chance, and remember, everything I do is based on probability. So there's no such thing as, Gareth said this, so it has to happen. It's Gareth said this, so it's most likely to happen based on the charts. So in other words, 75% chance, maybe, right around there. That still means there's 25% chance it says, nope, we're gonna do something else. That's just the way charts are. That's just the way it is. But at least I get to be the casino versus the gambler. I think if we all had a choice, could we own a casino or could we be the gambler that goes into a casino? I'm pretty sure we would all choose to own the casino, right, I mean, that's the no-brainer. That's the one where you're almost guaranteed to make money in a casino. All right, so this is what we're looking at. We're looking at, again, first technical support, this low pivot at 4,100. Again, we're watching to see, do we confirm the breakdown on gold today with a lower close than the low of Friday? If we do, again, short-term target one, 4,100, number two is gonna be around 35 to 3,600, the low end of the target. Now, one other thing I wanna point out to you guys, check this out. So if we get rid of the 200 for the time being, right, and we zoom out on this chart, take a look at how cool this is, right? You can see, you can literally take the lows and connect them all through here, and what do you end up getting? Look at this. Look at how crazy this is, guys. Low pivots all along here, and this goes right into the 3,500, 3,600 level on gold. And so what this tells me is, is, and again, this is a matter of stacking probabilities or stacking factors, as I call it, is that when you have a down-sloping parallel, we also then have an up-sloping ascending trend line, and they're merging at a level that makes sense, it also tells us that, okay, this is now a likely major level. Now, again, major levels don't mean it has to hold, but for me, that's where the probabilities start pushing up north of 75%, right, where I'm starting to say, okay, maybe 80% probability. That's pretty good darn odds on the charts. Then you look at one other factor and look at this. This is another thing. Right in this vicinity, you have all of these highs right here, and so now within a small distance, we have a third factor, pivot high, pivot high, pivot high, pivot high, and that's where we start to say, okay, now we have another one. Now we're pushing north of 80% probability. Still not gonna get to 100%. That's a fantasy. Unless you have insider information, I wish I did. Now, maybe I don't wish. Well, you know what, you know what, screw it. I do wish I did. I would share it with you guys in a heartbeat, and then we can make money like all these elites who apparently know the news before it's announced to all of us, but the point is, is in our world that you and I live in, the real world where we don't get that type of stuff, this is the best we can do, all right? So that's what I'm looking at right here is a potential downside zone on gold. Now listen, is it possible gold could negate all of this, not even get to 4,100, and the answer is yes, but the first step for that would be the 50 moving average. So we see here, here's your 50 moving average. You hit it here, you hit it here. We would have to come up and take that out, and once we did that, then we have to fight through this. So there's two levels to watch. Now, if we can get through this upper one, now you've got open, you know what I mean? You've got some major upside, at least a double top, but again, first step, just like down here, 4,100 is our first step. We have to first get through this level here, the basically 4,625 level on gold, but remember, it's a moving average, so it's moving with price, so we just have to monitor that. All right, so let's get into silver now. If we take a look at the silver chart, let's jump back into these charts here. I want to start with no moving averages or anything on it. We can always add those in, but here we have the chart of silver. I was telling you guys for a long time, really, I got made fun of quite a bit, but that honestly reinforces my viewpoints. When people kind of say, oh, he's crazy, silver's going back right back up, then I'm like, okay, now the charts are telling me this, and then retail psychology is telling me the opposite. That reinforces the technicals in a very weird way, but again, we talked about this move up. It had to, for me to get bullish on silver, it had to take out this 9,293 level. It didn't do it. It then broke this little upsloping trend line. Notice how once it broke, it couldn't get back above. It kind of bear flagged here, and then it came in, and then it's sideways consolidation, and then once we broke these lows right through here, that's where you got your big drop, and guess what? 66 to 64. The low today was 66.48, so we actually haven't hit officially this downside level yet, but this is gonna be your next big one. Now, what's interesting about this is throw your 200 moving average, look at what we're hitting today. So now it explains why we haven't hit the 66 level exactly because the 200 moving average just got tagged today and pierced. You can see it right there in yellow, this little trend line right here, and so now this, basically what this is is this is a zone, and so listen, it's a possibility we could actually bounce back up, especially because these two supports are so close together in the near term, right? But essentially what we're looking at now is, okay, well, we know this level and this level are joined. If, God forbid, silver ever breaks this zone, that's really, really bad, all right? That would be bad because also it's, look, all this pivot low here, this pivot area here, and then the 200 and this area here, if that breaks, then you're heading down to 54 here, this high pivot, and eventually that $50 target that I think. But listen, again, I'm a technician, right? So even if I think it could go lower, I have to respect the 200 moving average and this 66 to 64 level until it's broken, right? We've broken on the gold, the 200 MA. I'm watching to see, does it confirm? Okay, that's more information. It helps with my factors and psychology assessment and also the probabilities. Same thing here. We're watching this on silver at the 200 MA. Kind of interesting that silver is right at the 200 MA and gold is broken, but I think, again, silver's move was much more parabolic, so it's taken some time for it to kind of come back to the 200 MA here on a percentage basis. All right, I do want to quickly go into copper. I know you guys love copper here. Copper, again, guys, we can see a few different things. By the way, look at this. This is your 200 MA down here. Look at how it hit right there. I want to take that away because I always like to start simple with you guys, for me at least, and again, I think a lot of us are like this, is that I don't like a lot of things on my charts. Simple charts give me the facts, just the facts, to quote an old TV show, right? But in any case, the idea here is that on copper, copper is definitely at the higher end of the range here and we have a potential breakdown. Now, we are bouncing. This was Friday's candle. It broke this trend line here, okay? Now, remember on silver when that happened, right? So on silver, we broke this trend line and then it went like this, kind of bounced back up before rolling over. That gives us insight into what copper could ultimately end up doing. So copper's getting a bounce, but if it can't regain this trend line, and let's say it just trades sideways to up for the next few days, it then sets up a bigger rollover potentially. Also, you have the bigger parallel here. Notice again, high pivot, high pivot, high pivot, and even right here, high pivot, and then the low pivot's right there. So that kind of gives us a max upside without it breaking out in a major way. It's now broken this trend line, unconfirmed. We're gonna watch this very closely, but I would favor further downside, but it could, again, bear flag first, which means it could go like this before that bigger rollover, okay? So that's copper. Platinum real quick, guys. I wanna check in on this. My platinum zone for a entry price is getting close. Again, it's getting, I'm gonna probably look for a pierce of this line, or maybe I'll start a small position DCA, you know, small entry position here, and then add more down here. I do think we could go as low as honestly 14.50, but again, we're starting to get back into a zone here. If you're part of smart money commodities on verifiedinvesting.com, obviously I give out my exact entries, my exact exits, all of that stuff. These videos more just give you insight into what I'm looking at. But in any case, we're getting close. And then look at palladium here, guys. Palladium actually is piercing a major support line. I have not entered any palladium yet. By the way, P-A-L-L is the palladium ETF. So again, there's always, at least for these big metals, these precious metals, there's always an opportunity, but I am eyeing very closely, okay? Look at this pivot point, pivot point right in here. This is actually getting very intriguing in terms of support. Now, the question I have to ask myself is that if silver potentially is gonna go back to 50, does platinum and palladium go even lower? And the answer is they could, absolutely. So I have to analyze my risk reward on that factor, right? And say to myself, if I'm gonna enter some palladium here, and I haven't entered yet, so I may not enter today. I have to wait and I have to analyze the charts real time later. But if I do, I probably won't, I definitely won't go a full position. I might just put a toe in the water because then I have maneuverability if the price comes down even lower. All right, let's quickly go to oil and nat gas real quick, guys, here. We have oil here. Oil is getting a bounce today. It's off of its highs. Obviously, things escalating in the Middle East again. But really, what is this forming, guys? So you had a wedge pattern here, right? So we had a wedge pattern. It broke down, and now what's this pattern? Looks to me like a bearish pattern of consolidation. So regardless of the news or the escalation, as long as we stay kind of in this zone and coming into this resistance. Now, we could break this resistance. If we do, it does open the door to go back here. But again, right now, we have to respect first resistance and the bearish pattern of consolidation. In fact, to me, it looks very similar. You almost have this little bit of a parallel starting off of this drop, which to me is that bear flag formation. So in general, listen, I'm not short oil now currently. I had a short when we broke the parallel with members of Smart Money Commodities. We banked our money already. But suffice it to say is that I do have a downside bias, but because of the risks and inventories in these things, I don't have a current short out there because there's just a lot of risk, and I don't see enough in the chart yet to say, okay, this is the entry, right? We have to look for those factors like we were talking on some of these other ones on the trend lines of targets where I would be a buyer, right? Lastly, let's go to natural gas here real quick, guys. NatGas, NatGas keeps trying to break out and keeps failing. And so again, I'm sitting on the sidelines on this one, nothing new to report here. Just again, it keeps trying and keeps getting pushed down. That's fine. I don't mind sitting on the sidelines. Remember, sitting on the sidelines on positions means that granted you don't participate in upside, but you also don't participate in getting hammered. And if you don't have a good enough read, if it's a gamble, it's a 50-50 or somewhere in that, go to the casino, go have fun, go get some free drinks with your buddies or your friends, right? I mean, I think that's the idea here is that if you're investing, and I'm certainly not right all the time, but I wanna at least know that the odds are in my favor, right, and I think we all want that. When we're investing, we want the odds in our favor. When we're gambling, we're accepting the fact that they're against us, but we're gonna have some fun with our friends or our buddies, right? All right, I'm gonna get going. Thank you so much. Don't forget to sign up for Gareth's Top Squad Premium YouTube, and I'll see you soon. Take care, guys. Have a great day.