From late 2025 to early 2026 both Gold and Silver were in spectacular bull markets. From October 2025 to January 2026 Gold climbed 44.5%, Silver climbed 168.7%!
The 02/01/26 blog “Silver Crash – January 2026” noted that silver probably made a bull market peak on 01/29/26. Gold peaked on the same day. Since then, both metals have been trending down.
During the week of 06/08/26 to 06/12/26 – Gold made a new post 01/29/29 decline low.
Could this be the end of the bear phase or a pause before another drop? Weekly momentum indicators reveal some fascinating clues.
The weekly Gold in U.S. dollars (XAUUSD) chart courtesy of Trading View illustrates the long-term view.
During the week of 06/08/26 to 06/12/26 Gold went marginally below the bottom made on 03/23/26 at 4,098.23. Also, Gold was in the leeway of a Fibonacci .382 retracement of the 2022 to 2026 bull market. Meanwhile Silver failed to go below its 03/23/26 bottom.
These price factors imply a bottom of some degree, is it the end of the post January 2026 bear market? We need to look in the context of longer-term momentum.
Please note that both lines of weekly MACD are above the zero-line and still trending lower.
Weekly RSI is at 40.55, the oversold zone begins at 30.00
Only one line of Stochastic is below its oversold zone which begins at 20.00. Weekly Stochastic could stay in the oversold zone for several weeks before trending higher.
A near-term rally is likely a pause in a larger still developing bear market.
The daily Gold chart shows a potential upside target.
The closest near-term resistance is a Fibonacci .382 retracement of the April to June decline at 4,355. This is near the 05/28/26 bottom at 4,366.68 and the 06/09/26 peak at 4,363.52.
A move below the 06/11/26 bottom at 4,023.86 could be the beginning of a move down to the 3,100 area.
Four Dimension Trading 