Analysts Warn: Gold May Face a Deeper Pullback and Possibly Fall Toward $3,800
Show original
Bitget offers one-stop trading for cryptocurrencies, stocks, and gold. Trade now!
A welcome pack worth 6200 USDT for new users! Sign up now!
- Technical analysis expert and ElliottWaveTrader founder Avi Gilburt stated that the unprecedented correction in gold is not over yet. He sees two different technical paths that could ultimately push the price of the precious metal below $4,000 per ounce, approaching $3,800—a further drop of 20% from current levels.
- The first path is a decline after prices encounter resistance near current levels; the second path is more dangerous—gold prices could first break through the $4,800 resistance level, briefly surging to $5,200, and then trigger a deeper correction. “Higher prices will make everyone believe the correction is over, but in reality, it will have just begun.”
- As for silver, Gilburt believes that as long as the price stays below the March high, it faces downside risk toward $53.50. However, he emphasized that for long-term investors, silver has significant investment value below $60, and any price below $60 in the next decade represents a great buying opportunity.
- Gilburt pointed out that the current market structure is similar to the 2011 peak in precious metals, and how prices perform after the adjustment will determine whether history repeats itself. He is also optimistic about mining stocks, believing they could outperform the underlying metals in the next rally. As for oil prices, he expects they could rise further in the short term but may fall below $50 later this year.
0
0
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
Understand the market, then trade.
Bitget offers one-stop trading for cryptocurrencies, stocks, and gold.
Trade now！
You may also like
Scandinavian Medical Solutions sells GE CT scanner to US customer for DKK 2 million-plus
Bitget•2026/09/23 07:03
Incon shifts KRW 15 billion convertible bond subscription, payment date to Oct. 23
Bitget•2026/09/23 07:00
EnChem major shareholder Wyatt Group cuts stake to 3.62% from 5.2%
Bitget•2026/09/23 06:42
Major progress made in the US-South Korea $350 billions investment agreement; the first project targets a $22.3 billions gas power plant in Texas
The long-standing investment agreement between the United States and South Korea has made "significant progress."
智通财经•2026/09/23 06:41
Crypto prices
More
Bitcoin
BTC
$86,304.91
+1.12%
Ethereum
ETH
$2,749.54
+0.74%
Tether USDt
USDT
$0.9999
+0.00%
BNB
BNB
$791.4
+0.60%
XRP
XRP
$1.62
+6.60%
USDC
USDC
$1.0000
+0.00%
Solana
SOL
$118.65
+1.78%
TRON
TRX
$0.3439
-1.34%
Zcash
ZEC
$1,625.58
+8.79%
Hyperliquid
HYPE
$97.07
+2.93%
How to buy BTC
Bitget lists BTC – Buy or sell BTC quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now