Quick Morning Update - Market Analysis for Oct 30th, 2026

Well, we FINALLY got this lower low in gold, and this can complete this entire decline now.  This now looks VERY full.  To confirm the bottom is in, we need to break out through the downtrend channel on the 60-minute chart, and then through the wave (4) should make it highly likely that we have begun the (b) wave.  Of course, if the rally begins in impulsive fashion, we will have considerations for the yellow count.  But, for now, I am expecting a corrective rally in 3-wave structures which is why we will need a break out over resistance for confirmation.

In silver, while my minimum ideal target of 53.50 has now been exceeded, we are now testing the break out point from two major historical rally highs in silver in the 50 region.  So, I would expect we would hold that region as our new support.  Same issue in silver regarding breaking out over resistance as gold.  So, I have added a resistance box in silver which when exceeded should confirm that we are in the (b) wave rally.

GDX has technically not broken this micro (i)(ii) yet, but due to where we currently reside, it still looks like the wave (2) is going to try to hold the .764 retracement even if we get a lower low.  I will be looking for an impulsive 5-wave rally through 84.80 to suggest the bottom is in place for GDX.