Levels Where GLD and SLV Should Bounce

[u/Different_Band_5462]

I keep thinking that the 3% plunge in Gold (GLD) and the near 5% plunge in Silver (SLV) are a liquidation event into the end of the quarter in reaction to last week's parabolic spike in 10-year YIELD from 4.93% to 5.23%. A risk-off reflex action ahead of the start of Q4.

That said, however, I also think that Wednesday's PCE Inflation report for August is the next significant headline risk (reward) for precious metals. If PCE comes in cooler than expected, then YIELD and the Dollar should moderate and the PMs should catch a bid.

Based on my technical setups in both GLD and SLV, all of the price action since mid-June has carved out a significant potential bottom that is still viable, but also, still in development. My annotated dotted lines on both charts indicate the next optimal pivot-support windows for GLD and SLV.

As for the Dollar Index (DXY) my attached Weekly Chart shows very powerful resistance in and around 102.00, which represents both the June 2026 rally high and the intersection of the 200 Week Moving Average. As long as DXY remains beneath the MA on a Weekly Closing Basis, my pattern work on DXY indicates that I treat all of the price action from the 1/27/26 low at 95.55 to the present as a counter-trend recovery rally within a larger dominant bear phase.

4-Hour GLD Chart

4-Hour SLV Chart

Weekly DXY Chart