Gold and silver are entering a critical technical phase as volatility accelerates and market moves compress into shorter, more aggressive cycles. After rallying from roughly $4,000 to $5,600, gold corrected sharply to $4,100 and is now attempting to reclaim key resistance near $4,900. In this episode of Chart This, Gary Wagner, editor of The Gold Forecast, explains why $4,900 is the level to watch, noting that a breakout could open the path toward $5,100 and a potential retest of the highs. He also points to the recent pattern of a lower high and lower low as a sign that the market is still in transition.
Wagner also highlights what he calls a “compression of time” across commodities, where major price swings that once took years are now unfolding in weeks. From silver’s 162% rally and sharp retracement to crude oil’s rapid spikes tied to geopolitical events, he outlines how extreme volatility is reshaping trading conditions.
Recorded April 16, 2026.
00:18 – Gold rally and correction setup
01:12 – Support vs resistance explained
03:49 – Momentum indicators and overbought signals
05:37 – Key gold breakout level at $4,900
06:19 – Silver outperforming gold rally
08:01 – Silver targets $80, $90 and $96 resistance
10:39 – “Compression of time” in markets
11:50 – Crude oil spikes on geopolitical shocks
14:16 – Candlestick trading book recommendations
15:55 – Candlesticks vs Heikin Ashi explained
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