Technical Scoop: Oil Seesaw, Precious Down, Outperformed Jobs

Excerpt from this week's: Technical Scoop: Oil Seesaw, Precious Down, Outperformed Jobs

Source: www.stockcharts.com

As to silver and the gold stocks indices, silver needs to break above $70 and then $75 to suggest higher prices. Only above $106 are new highs possible. Silver needs to hold above $56, the recent low. The same is true for both the HUI and TGD. The HUI’s points are above 775 and hold the lows near 600. For the TGD, the points are above 900 and hold at the recent low near 720. The HUI gained 470% from the 2022 low to the January2026 high. Currently it is down 35% from that high. For the TGD, they gained 410% but are now down 32%.

Compared to gold and silver, the gold stocks held quite well during this correction. Previously, drops of 70% were not unusual.

We remain friendly to the gold sector, and somewhat bearish towards the stock market. Neither have proven their next direction to date. Oil is highly dependent on the Iran war. Expectations are that oil prices will remain elevated as the odds of any lasting peace in the Middle East remain elusive. Everything – the price of oil, the stock market, and the price of gold – is currently prisoner to the ongoing unresolved U.S./Iran war. The stock market is also being shaken by the semiconductors. The summer continues to be hot, and we haven’t even mentioned the weather.
Read the FULL report here: Technical Scoop: Oil Seesaw, Precious Down, Outperformed Jobs

Copyright David Chapman 2026

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