Gold, silver, platinum, and palladium: While an upward trend can't be confirmed here, you might consider miners 261109.

地平线全球策略2026/11/09 16:37

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Precious metals: After the price rectangle reached its lower bound, our post essentially marks the turning point for all precious metals (the bottom and rebound starting point for gold, silver, platinum, and palladium), interpreting as “you need to find the key asset across asset classes that truly determines the price trend.”

Post & silver-gold ratio purple rectangle touchpoint (red arrow) essentially marks the starting point of the bottom rebound for gold, silver, platinum, and palladium

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CMX Gold (daily chart, as of 261108)

Mainland China gold basket (daily chart, as of 261108)

Silver-gold ratio (daily chart, as of 261108)

As the silver-gold ratio bottoms out, the precious metals selloff ends as expected, moving from a consensus bearish position to a chaotic, non-consensus state. Although the CMX Gold structure is turning bullish, we have yet to see a bullish bar (same for the gold basket); it is still below its descending channel and 50-day cost line. Aside from that, CMX Silver remains in a bearish structure, so it cannot be confirmed that an upward trend has started here—when it really starts, I’ll let you know.

CMX Silver (daily chart, as of 261108)

NMX Platinum (daily chart, as of 261108)

NMX Palladium (daily chart, as of 261108)

Platinum and palladium are likewise still in downward channels. The bottom in platinum is more certain (the Ariston Bottom signal emerged during the week), but as with gold and silver, there is still no further confirmation of stronger bullish conviction for both.

GDX (daily chart, as of 261108)

However, as a representative of mining companies, GDX was the first to  1/ stand back above the 50 day cost line, 2/ show a Bullish  bar , 3/ return to the upward channel.If you want to go long on precious metals, you can prioritize doing so via mining companies, as their structure currently provides greater leading bullish conviction than the futures themselves.

As for broader bullish evidence,I would like to see all four — gold, silver, platinum, and palladium — confirm each other as they return to an upward channel. At that time, I’ll update everyone as soon as possible.

GDX/GC (daily chart, as of 261108)

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This article is excerpted from "ARI's WEEKLY WRAP 261108". The full version is published on the community:

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.

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