In this video: Is Gold finally on its way to $5,000? Chief Market Strategist Gareth Soloway dives deep into the charts of Gold and Silver to reveal a major divergence that every investor needs to see. While Gold has officially broken its key resistance and is eyeing historic new highs, Silver is currently fighting a losing battle at a major parallel channel resistance trendline.Video by Gareth Soloway.
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In January 2026, analysts and technical charts have identified several major divergences between gold and silver, signaling potential shifts in market momentum. These divergences are categorized by the performance of the metals relative to each other and their internal technical indicators.
1. Relative Strength Index (RSI) Negative Divergence
Technical analysis on current 2026 charts reveals a "negative divergence" on both gold and silver. This occurs when the prices of the metals hit new highs, but the RSI indicator fails to reach a new peak.
--Implication: This classic signal suggests that "big money" or institutional investors may be quietly exiting their positions while retail investors continue to buy into the rally.
--Market Sentiment: It often precedes a potential price correction, indicating that the upward momentum is losing strength despite the record price levels.
2. Performance Outperformance (The Ratio Gap)
While both metals saw significant gains in 2025 and early 2026, a divergence in their growth rates has emerged.
--Silver’s Dominance: In late 2025, silver began to outperform gold significantly. By January 2026, while gold was reaching targets toward $5,000, silver had broken past $92 per ounce, with analysts eyeing $100.
--The Gold-Silver Ratio: The Gold to Silver Ratio has historically fluctuated, but the current divergence shows silver responding more aggressively to industrial shortages and physical demand compared to gold's role as a defensive "safe haven" asset.
3. Divergent Market Drivers
Recent 2026 charts reflect a split in what is driving each metal's price:
--Gold: Primarily responding to defensive capital, currency devaluations, and global tensions (such as the 2026 "Greenland spat" and tariff threats).
--Silver: Driven by an "acute shortage" of physical inventories. COMEX registered inventories have reportedly plummeted over 70% since 2020, causing silver to decouple from gold's purely monetary movements.
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