Gold Breaks Support: Mapping The Final C-Wave Correction With Gary Wagner

Gold has broken key technical support, pulling back sharply to test the 200-day moving average, signaling the onset of a final C-wave correction in the metal's price structure, according to Gary Wagner, editor of The Gold Forecast. Silver is showing oversold momentum but is finding technical support at the critical 78% Fibonacci retracement level, suggesting potential for a short-term rebound or stabilization. Wagner highlights ongoing macro pressures contributing to the current precious metals correction, notably the surge in Brent crude oil prices beyond $108 per barrel, which is exacerbating inflationary fears and market volatility. Additionally, Turkey's central bank has liquidated approximately 60 tons of gold recently, intensifying supply concerns and impacting physical market dynamics. These technical and macro factors point to continued vulnerability in gold and silver prices with key near-term support levels being tested. Traders should watch the 200-day moving average on gold closely as a failure here may precipitate further downside, while silver's Fibonacci support level might offer a potential floor. External catalysts such as oil price moves, central bank interventions, and macroeconomic developments will remain crucial for market direction over the coming weeks.