Overnight Low Important - Market Analysis for Nov 5th, 2025

As I am now traveling, I am gong to keep this week's metals update rather simple.  And, also, due to the rally we have seen since the overnight low was struck, it lends to the simplified analysis.

I am still seeking a c-wave rally to complete a larger (b) wave in the respective 4th waves of the various charts. As long as the overnight low is held on the next pullback across the charts, then I can view that c-wave rally as having begun.  My preference is for a higher rally in silver relative to gold, and GDX may come somewhere in between.  But, the main point is that as long as hold over the overnight low, I am looking higher over the coming days.

Should we break the overnight low, then the trap door opens up for the potential (c) wave down and it could be in progress sooner than I currently expect.

As far as the 4th waves having completed already, I do not see any real evidence of that potential, which is why I do not have it even as an alternative at this time.  But, if we complete the c-wave rally and then only see a corrective retrace rather than the start of an impulsive (c) wave decline, I may have to bring that alternative back for consideration.;