Gold gained 5.0% last week, its fourth-best of 2026, while the S&P 500 fell 2.7%, its worst so far this year. Silver also recovered, and next week brings October inflation data.
Gold climbs as the S&P 500 slides
Gold rose 5.0% last week, its fourth-best of the 44 full trading weeks year-to-date. The S&P 500 moved the other way, falling 2.7% for its worst week so far in 2026.
Within the week, gold rose 6.9% from low to high, while the S&P 500 dropped 4.7% from high to low.
Gold settled Friday at 4080, which narrowed the gap to flipping its weekly parabolic trend to Long from 583 points to 461 points. A flip would need 4540 to trade, which the analysis calls improbable in the coming week. The expected weekly range is now 205 points. Three of gold's last four Novembers have been positive.
Silver recovers but stays below its September level
Silver settled the week at 51.97 after a 5.5% weekly gain. Its parabolic Short trend is now 40 weeks in duration.
Silver has plunged 23.7% since 22 September, when copper hit its all-time high of 6.9285. Copper has since fallen 9.6% to 6.2600, and gold is down 7.6% over the same stretch.
The gold/silver ratio sits at 78.5x against an evolving mean of 69.2x. At the mean, silver would trade 12% higher at 58.92.
Inflation data takes center stage
The analysis puts the current annual average of inflation at 4.3%, double the 2.0% pace the Federal Open Market Committee wants. Separately, of the 415 S&P 500 constituents that have reported Q3 earnings, 79% improved their bottom lines from a year earlier.
Next week brings October inflation at the retail level (Consumer Price Index) and the wholesale level (Producer Price Index). By consensus, both measures are expected to have cooled, but the author is looking for gold and silver not to cool.
Source: Investing.com
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