(Jesse Colombo, Money Metals News Service) As the wild ride continues in all markets, let’s take a look at COMEX gold futures to assess where things stand. I focus on COMEX futures because key support and resistance levels tend to form cleanly at $100 intervals—$3,000, $3,100, $3,200, and so on.
I’m pleased to see that gold surged nearly $100 per ounce yesterday, bouncing directly off the $3,000 support level. Gold is looking strong here, now trading only $80 below its all-time high.
My view is that it will likely consolidate in this area for a bit, gathering strength. Ideally, I’d like to see it make a strong move toward its record high around $3,200—and eventually break through it. From there, the upside potential should be explosive, especially as the broader economic picture continues to deteriorate, regardless of how the tariff drama plays out.
I’m encouraged to see COMEX silver futures bounce off the $28–$30 support zone I highlighted in my most recent precious metals update. Ideally, I want to see that support hold firmly from here.
The next key test is whether silver can reclaim the uptrend line it broke below on Friday and resume the bullish path it was on before being aggressively knocked down by bullion banks. That said, I still firmly believe silver will soon break free from this suppression and follow gold’s lead.
I’m pleasantly surprised by the resilience and strength the mining stock sector has shown despite the recent brutal precious metals ambush.
Take the large-cap VanEck Gold Miners ETF (GDX), for example—it’s already rebounding sharply and is now approaching the same levels it held before the downturn.
It looks poised to challenge the key $42–$46 horizontal resistance zone. If GDX can break through that zone, I see it launching into a powerful bull market from there. I’ll definitely be watching that scenario closely.
The VanEck Junior Gold Miners ETF (GDXJ) is also rebounding strongly, now trading near its recent highs and testing the key $50–$60 resistance zone. A breakout above this level would open the door to significantly more upside.
The flagship Global X Silver Miners ETF (SIL) is also recovering nicely. If it can close above the key $48–$52 resistance zone, I believe it will mark the beginning of a full-blown bull market.
The Amplify Junior Silver Miners ETF (SILJ) also saw a strong rebound yesterday and appears poised to make another attempt at breaking out of a long-term triangle. A successful breakout would signal the start of a major bull market.
In summary, yesterday was another wild and volatile day—this time to the upside—but it leaves me with an uneasy feeling.
Beneath the surface, the same serious issues remain: a looming recession, unprecedented levels of debt, and massively inflated asset bubbles hanging over us like the Sword of Damocles. The ongoing back-and-forth over tariffs ensures that market volatility is here to stay for the foreseeable future.
In times like these, I’m grateful to take refuge in physical gold and silver. They’re proving their worth while most other assets are revealing their true nature as anything but safe havens. I believe we’re only beginning to see gold and silver step into their rightful role in this shifting financial landscape.
Jesse Colombo is a financial analyst and investor writing on macro-economics and precious metals markets. Recognized by The Times of London, he has built a reputation for warning about economic bubbles and future financial crises. An advocate for free markets and sound money, Colombo was also named one of LinkedIn’s Top Voices in Economy & Finance. His Substack can be accessed here.
