Gold and Silver Outlook: More Upside Ahead, But Pullbacks May Come First

ByTTT

The way I see it, precious metals are still in a major bull market cycle, and I believe gold, silver, and eventually the miners are going a whole lot higher before this move is complete. That said, markets do not move in a straight line. Gold and silver have already had a strong run, and when sentiment gets stretched, price often needs to pause, pull back, and shake out the weak hands before the next leg higher can begin. That is why I continue to focus on the trend, key support levels, and what price is actually doing, rather than getting caught up in the emotion of the moment.

Charlotte and I also talked about why I believe this precious metals cycle may only be around halfway through, how silver could offer strong upside once momentum returns, and why miners have the potential to outperform when the conditions are right. But as always, the market has to prove itself first. I do not fight the trend, and I do not chase moves just because the story sounds exciting. My focus is on staying patient, managing risk, and positioning capital only when the charts show that the odds are lining up. That same logic applies beyond metals as well, including oil, the broader economy, and the way I am positioned now.

Published June 4, 2026

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Topics that Charlotte and I discussed include:

  • 0:00 – Intro
  • 0:20 – How low can gold go?
  • 5:03 – Key gold price headwinds
  • 7:51 – Silver upside/downside
  • 11:31 – Halfway through the cycle
  • 15:12 – Can miners outperform?
  • 18:11 – Don’t fight the trend
  • 22:31 – Oil market landmines
  • 25:01 – Economic pain to come
  • 27:03 – Chris’ portfolio now
  • 30:56 – Outro

Chris Vermeulen
Chief Investment Officer
TheTechnicalTraders.com

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