Veteran technical analyst Avi Gilburt believes the current long wave in gold and silver is approaching its final phase, with 2026 potentially marking a turning point. In an interview initially published by Kitco News and prepared by Neils Christensen, he explained why he sees a possible end to this multi-year cycle and warned investors against endlessly extrapolating recent gains.
Who Is Avi Gilburt and What Are His Forecasts?
Avi Gilburt is the founder of Elliottwavetrader, where he applies wave and technical analysis methods. In the interview, he explained that the strong rally in precious metals since the 2015–2016 lows now appears close to exhaustion, so the focus should be on cycles and levels rather than stories and news.
The main point of his forecast: 2026 "probably will provide us with the end of this long-term cycle in gold and silver" — meaning a potential peak of the current cycle followed by a multi-year decline. He stresses that this is the end of a prolonged cycle, not the start of a new sustainable uptrend.
Technical Analysis of Gold and Silver
According to Gilburt, gold prices may still rise slightly in the coming months, but key technical levels will be crucial. He notes that gold is "battling" important resistance around mid-$4,000, and a pullback from this zone would not be surprising; such a correction could also set the stage for a final push upward before a reversal.
The situation with silver is "more dramatic": Gilburt describes a possible final rally into the $75–$80 range if support holds, followed by a prolonged sell-off that will test investors' patience. More details on recent silver movements can be found in the article about silver's rise.
He reiterates that technical levels will outweigh macroeconomic headlines in determining the price path and advises focusing on resistance and support levels rather than short-term news.
What Investors Should Expect
Gilburt believes there may be one last growth phase before a potential reversal, followed by a multi-year bear market. This scenario is described as the "end of a very long cycle," after which the market will require an extended restructuring period.
For a broader understanding of market movements in 2026, it is helpful to consult other analytical materials on 2026 market prospects, including reviews of the overall market condition in 2026 market 2026.
Why This Matters
If Gilburt's forecast proves accurate, precious metals investors could face a period of high volatility: a possible final price surge followed by a prolonged decline. For holders of physical assets and stock positions, this impacts decisions on profit-taking timing and risk expectation adjustments.
For miners and small equipment producers, the direct impact will be indirect: metal price changes won't alter your equipment's technical specs but may influence the overall investment climate and related markets' behavior.
What To Do?
For a miner with 1–1000 devices living and working in Russia, key practical steps remain the same: manage risk, monitor costs, and be prepared for sharp market sentiment shifts. Below are specific actions to implement soon.
- Check equipment energy efficiency and optimize settings or work schedules if needed to reduce electricity costs.
- Increase reserve funds to cover expenses for several months, especially if part of income depends on volatile markets.
- Diversify income: consider selling part of mined cryptocurrency in rubles/currency or holding assets in different forms to reduce risks related to overall market turbulence.
- Monitor technical levels and avoid emotional decisions during sharp price swings.
Brief Summary
Avi Gilburt, founder of Elliottwavetrader, believes 2026 may mark the peak of the long-term gold and silver cycle and that technical levels will be more important than macroeconomic news. He points to resistance for gold around mid-$4,000 and a possible final silver rally to $75–$80 before a subsequent decline.
