In this video: Chief Market Strategist Gareth Soloway alerts investors to the latest technical analysis, forecast and insights on gold, silver, platinum and palladium. Gareth reveals his upside target on gold while warning investors silver may pull back off a major trendline hit. In addition, he dives into platinum and palladium which have both surged, giving the key resistance levels. Watch this video and learn to trade the precious metals. Video by Gareth Soloway.
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As of December 22, 2025, both gold and silver are trading at historic record highs. While the long-term trend for both remains bullish, technical analysis suggests a near-term divergence: gold is entering a price-discovery phase with further upside targets, while silver is exhibiting signs of a potential short-term "top" or consolidation phase.
Gold: Bullish Breakout & Discovery
-Gold prices have decisively breached major historical resistance levels, moving into a parabolic uptrend.
Current Price: Spot gold is trading at approximately $4,415–$4,445 per ounce, up nearly 70% year-to-date.
Technical Breakout: The metal recently cleared the critical $4,380–$4,382 resistance zone, which served as a peak in late 2024. This breakout confirms a shift from consolidation into a price-discovery phase.
Upside Targets: Technical analysts are targeting $4,500 as the next psychological barrier, with extended Fibonacci targets pointing toward $4,600 and potentially $4,900 by late 2026.
Indicators: The MACD is rising, and prices remain above the Ichimoku cloud and major SMAs. However, the RSI is deeply overbought, suggesting that while the trend is strong, a brief pause or minor retest of $4,300 support is possible.
Silver: Signs of a Potential Top
-Silver has outperformed gold in 2025 (up over 130%) but is showing "stretched" technical conditions that often precede a correction.
Current Price: Silver is trading near $69 per ounce, after touching intraday highs just below the $70 mark.
Overbought Signals: Analysts describe silver as "technically overbought," noting that the gold-to-silver ratio has compressed to 64:1—its lowest since early 2024. Stretched positioning and low year-end liquidity are flagged as risks for a sharp reversal.
Bearish Indicators: Some technical charts show a "bear wedge" forming and "terminal exhaustion" at standard deviation extremes near $60–$70. MACD compression and a "rounded top" profile on shorter timeframes suggest momentum is flattening even as prices print new highs.
Downside Support: If a correction occurs, immediate support lies at $65.50–$66.60, with deeper structural support near $63.50.
The Gold-to-Silver Ratio
-The ratio is a key indicator for whether silver has reached a local peak.
Ratio Compression: The ratio fell from 105 in April 2025 to roughly 64–65 today. Historically, when the ratio hits these lower bounds during a rally, silver often begins to underperform gold as traders "rotate" back into the more stable metal.
Outlook: While the long-term target for the ratio is 60:1 (which would imply silver above $70), current "febrile" market conditions suggest silver may decouple and underperform if the year-end rally loses steam.
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